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Peako Ltd

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

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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.

 

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Quick facts: Peako Ltd

Price: $0.02

Market: ASX
Market Cap: $2.31 m
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