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

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