Peak Oil & Gas announce seismic acquisition has commenced at South Block A
Peak Oil & Gas has announced that seismic acquisition has commenced at South Block A and seismic data for the first line received. Initial indications are that the data is of excellent quality and will achieve the objective of better understanding the leads and prospect already defined.
The 2D seismic survey will comprise around 170 kms of modern seismic data acquisition located to mature and prioritise the best seven oil and gas leads to prospect status; one of which will be selected for drilling next year. Completion of the seismic is anticipated through February 2014 and drilling through the second half of 2014.
Peak holds an effective 38.25% interest in the SBA Production Sharing Contract (PSC),located in North Sumatra, Indonesia and operated by Renco Elang Energy Pte Ltd (REE),a company controlled by Peak.
Peak’s partners in SBA are:
REE (Operator) 51% Peak controls REE, the Operator and 51% interest holder in SBA (net to Peak 38.25% earning through farmNin)
KRX Energy Pte Ltd (KRX) 35% Carrying PT Prosys through first 3 year program up to agreed cap.
PT Prosys Oil & Gas 14% Carried through the first 3 years work program
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