logo-loader
viewPeako Ltd

Peak Oil and Gas acquiring 2D seismic at North Sumatra oil and gas block

au_indonesia350_52a103af4c411.jpg

Peak Oil and Gas (ASX: PKO) has started the acquisition of 170 line kilometres of 2D seismic at its South Block A production sharing contract in North Sumatra, Indonesia.

This is designed to mature and prioritise the best seven oil and gas leads to prospect status, one of which will be selected for drilling next year.

Completion of the seismic is anticipated through February 2014 and drilling in the second half of 2014.

South Block A is located in the prolific North Sumatra Basin in close proximity to established pipelines and infrastructure.

The seven leads have Unrisked Best Estimate (P50) Prospective Resource of 439 billion cubic feet of gas and 47 million barrels of oil.

Peak holds an effective 38.25% interest in South Block A through operator Renco Elang Energy.

 

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.

Quick facts: Peako Ltd

Price: 0.016 AUD

ASX:PKO
Market: ASX
Market Cap: $2.03 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Peninsula Energy reviews highlights of the September quarter

Peninsula Energy Ltd (ASX:PEN) managing director and CEO Wayne Heili outlines the achievements made by the uranium producer during the quarter. The producing Lance Projects in Wyoming are expected to be the first US uranium ISR project authorised to use an industry-leading method, which will...

2 hours, 29 minutes ago

2 min read