New Zealand Oil & Gas Progresses Exploration at Kisaran PSC

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New Zealand Oil & Gas disclosed Wednesday that drilling is underway at its Parit Minyak-2 (PM-2) exploration well onshore Sumatra, Indonesia.

The well, which was spud Feb.11, in the Kisaran Production Sharing Contract is the first New Zealand Oil & Gas has been involved with outside New Zealand.

PM-2 is expected to take around 45 days to drill. It will appraise an undeveloped oil discovery made in 2006, and explore additional zones that were not present in that well.

A second well, PM-3, also in the Kisaran block, is planned immediately following operations at PM-2.

New Zealand Oil & Gas Ltd has a 22.5 percent stake in the joint venture through its subsidiary NZOG Asia. The other partners are Pacific Oil & Gas (55 percent and operator) and Pacific Oil & Gas (Sumatera) (22.5 percent).

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