Drilling Continues at Parit Minyak-3 Well in Kisaran PSC

New Zealand Oil & Gas Ltd reported Tuesday that the Parit Minyak-3 (PM-3) well located in the Kisaran Production Sharing Contract (PSC) in onshore Sumatra, Indonesia has been spud Aug. 3, and as of Sunday, Aug. 25 an 8.5 inch hole had been drilled to a depth of 8,360 feet (2,549 meters), following mud gas readings and oil shows in the deepest section.

Current intention is to drill ahead to a Total Depth of 8,500 feet (2,591 meters).The Parit Minyak-2 (PM-2) well fracture stimulation operation was conducted in early August.

The operation has been suspended prior to completion due to high treatment pressures. The operational performance is under evaluation and fracturing operations have been suspended pending the outcome of this review.

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).


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