New Zealand Oil & Gas Ltd announced that drilling is underway at the onshore exploration well Parit Minyak-3 (PM-3) in Sumatra, Indonesia. The well was spud at 6:00 pm local time Aug. 3.
The PM-3 well targets shallower sandstone reservoirs than those encountered in the Parit Minyak-2 (PM-2) well where drilling commenced in February. It is hoped that the PM-3 well will encounter aerially extensive oil accumulations after the PM-1 and PM-2 wells confirmed an active petroleum system in the region.
The well is expected to take around 40 days to drill to an expected total depth of 8,160 feet (2,487 meters).
New Zealand Oil & Gas Ltd has a 22.5 percent stake in the joint venture through its subsidiary NZOG Asia Pty Ltd. The Kisaran Joint Venture partners are Pacific Oil & Gas (55 percent and Operator) and Pacific Oil & Gas (Sumatera) Ltd, a subsidiary of Bukit Energy Inc. (22.5 percent).
Hydraulic fracture stimulation operations at the drilled and completed Parit Minyak-2 well are expected to commence this week. Results will be released following execution, analysis and approval by the regulator SKKMigas.
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