Indonesia Extends Exploration Period for Sumatra's South Block A PSC
Peak Oil & Gas Limited announced Friday that the Indonesian Ministry of Energy and Mineral Resources has approved a 19 month extension to the Exploration Period of the South Block A (SBA) Production Sharing Contract (PSC) in North Sumatra, Indonesia.
This extension means that the Exploration period will now end Dec. 4, 2016 and allows the PSC Contractor further time to drill one exploration well in order to fulfil the PSC Firm Commitment.
Earlier this month, Peak shareholders approved a resolution for Peak’s interest in the SBA PSC to be sold. The directors are pursuing avenues for the sale of Peak’s SBA Interests and aim to close a transaction before the end of the Financial Year.
South Block A PSC – North Sumatra, Indonesia
Peak’s majority controlled company, Renco Elang Energy Pte Ltd (REE), is Operator of the South Block A PSC with a 51 percent working interest (Peak’s 75 percent shareholding in REE equates to a net economic interest of 38.25 percent).
SBA Joint Venture Interests
- REE (Operator)* - 51 percent; Peak holds 75 percent of RE, the Operator and 51 percent interest holder in SBA(effective net to Peak of 38.25 percent)
- KRX Energy (SBA) Pte Ltd. (KRX) - 35 percent; An indirect subsidiary of Lion Energy Ltd.
- PT Prosys Oil & Gas - 14 percent
*REE Shareholdings is as follows:
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