New Zealand Oil & Gas (ASX: NZO) is focused on the Taranaki Basin in New Zealand, with a portfolio of oil and gas projects that includes the producing Tui and Kupe fields. The company is pursuing opportunities in New Zealand, Indonesia and Tunisia.
New Zealand Oil & Gas drills onshore well in Sumatra
Tuesday, February 12, 2013 by Proactive Investors(ASX: NZO) has commenced drilling at well Parit Minyak-2 (PM-2) located in onshore Sumatra, Indonesia.
The well was spudded at 10.30pm last night local time, and is expected to take around 45 days to drill.
The company holds a 22.5% stake in the joint venture through its subsidiary NZOG Asia Pty Ltd. The well in the Kisaran Production Sharing Contract is the first has been involved with outside New Zealand.
Partners are Pacific Oil & Gas (55%) and Pacific Oil & Gas (Sumatera) Ltd, a subsidiary of Bukit Energy Inc. (22.5%).
A second well, PM-3, also in the Kisaran block, is planned immediately following operations at PM-2.
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