Pacific Oil & Gas Submits Development Plan for Kisaran PSC in Sumatra

New Zealand Oil & Gas Ltd., an independent exploration and production company, reported that the field operator of onshore Kisaran Production Sharing Contract (PSC) in Sumatra, Indonesia has submitted a plan of development for the block to the country's upstream regulator.

"Approval by the regulator is targeted for mid-2015, with the final investment decision following," New Zealand Oil & Gas said in its quarterly activities report released Wednesday.

The development program is likely to include the completion of up to three suspended exploration and appraisal wells, while as many as four new wells will be drilled. Based on the current plan, new well drilling and workover of existing wells are expected to be carried out in the second half of this year, with initial production expected late 2015/early 2016.

The Kisaran Joint Venture partners are PSC operator Pacific Oil & Gas (Kisaran) Ltd., with a 55 percent stake. The remaining 45 percent interest are divided evenly between Pacific Oil & Gas (Sumatera) Inc., a subsidiary of Bukit Energy Inc., and New Zealand Oil & Gas.



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