NZ Oil and Gas takes 36 percent stake in Indonesia explorer

New Zealand Oil & Gas, the nation's largest oil explorer, has taken a 36 percent stake in a consortium to explore onshore south Sumatra, Indonesia.

The consortium won a permit to explore the Palmerah Baru 1,000 square kilometre block, the Wellington-based company said in a statement. The venture plans to undertake three years of exploration including 2D and 3D seismic acquisition and one exploration well, it said.

"The Palmerah Baru block is surrounded by oil and gas fields," chief executive Andrew Knight said. "These onshore Sumatra opportunities provide diversity to our core focus on exploration in New Zealand."

Shares in NZ Oil & Gas rose 2.5 percent to 82 cents and have declined 8.6 percent this year.

Other partners in the venture are Bukit Energy Palmerah Baru with a 54 percent stake and PT SNP Indonesia with 10 percent.

BusinessDesk.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

SPG - Change to Executive Team
BGI - Forgiveness of $200,000 of secured indebtedness
General Capital Subsidiary General Finance Market Update
AFT,Massey Ventures,Gilles McIndoe to develop scar treatmen
April 24th Morning Report
Cheers to many fewer grape harvest spills
GTK - Half-Year Results Announcement Date
Government ends war on farming
Sky and BBC Studios renew expanded, multi-year agreement
AOF - Q1 Improved Trading Performance & FY24 Guidance Maintained