Monday 23rd December 2013
|Text too small?|
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.
No comments yet
NZ dollar falls on news RBNZ is looking at "unconventional" policy
Wrightson capital return gets shareholder approval
Morrison & Co eyes asset sales from first PIP Fund
Improved transmission pricing may save $2.7 bln - Electricity Authority
Precision Foundry receivers say no money for unsecured creditors
23rd July 2019 Morning Report
NZ dollar tad weaker, ECB, Federal Reserve in focus
MARKET CLOSE: NZ shares outperform Asia as exporters gain; Sky leads market higher
Significant shortfall for subbies in Ebert receivership
Transpower sees no risk to credit metrics from incentive change