Proactive Investors - Run By Investors For Investors

Peak Oil & Gas qualified for Myanmar onshore oil and gas bidding round

Peak Oil & Gas qualified for Myanmar onshore oil and gas bidding round

Peak Oil & Gas (ASX: RAI) has been officially qualified by the Myanmar Oil & Gas Enterprise (MOGE) to participate in the Myanmar’s upcoming competitive bidding round for onshore blocks.

The company, formerly known as Raisama Energy, had successfully met technical and financial in an environment that has drawn interest from the international oil and gas industry.

Companies that have expressed interest in Myanmar include ExxonMobil (NYSE: XOM), Total (EPA:FP) and Woodside (ASX: WPL).

Myanmar is highly prospective for oil and gas, with oil exports starting in 1853.

It holds estimated reserves of 72 trillion cubic feet of gas, 71Tcf of which is located offshore, and 540 million barrels of oil.

This is expected to increase further as much of the country remains unexplored.

Total and Malaysia’s Petronas Carigali currently operate the Yadana and Yetagun projects that have combined gas reserves of about 12Tcf. Both projects export gas to PTT in Thailand.

The MOGE will make formal presentations to the industry on the available blocks in May. This will include further advice on the timing of bid submissions and subsequent award.

Peak Oil had $835,000 in cash as of 31 December 2012 and has since raised $3 million through a share placement to the Albers Group.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

View full PKO profile View Profile

Peako Ltd Timeline

Related Articles

oil and gas operations
January 10 2019
The North Sea firm is working to bring the Liberator into development, and, with active operational plans and funding efforts appearing close to a conclusion it is set for a significant 2019.
Oil field
March 07 2019
The Woodrush field covers 13,000 acres and lies 65 miles north of oil and gas hub Fort St. John
oil rig
May 22 2019
Sidetrack at West Rutavi 16a flowed at 1,100 barrels per day against target of 650bopd for two wells

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use