Thursday , 18 September 2014
Pipeline Technology
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Australia’s Peak Oil completes seismic survey in North Sumatra South Block A

JAKARTA (Rambu Energy) – Peak Oil and Gas (Peak), an Australian oil and gas company, said that its majority controlled firm, Renco Elang Energy Pte Ltd (REE) has completed seismic survey on the North Sumatra South Block A (SBA) Production Sharing Contract (PSC).

REE together with seismic contractor Quest Geophysical Company and with the assistance of the company’s joint venture partner KRX (a wholly owned subsidiary of Lion Energy Ltd), has conducted seismic recording operations acquiring 183 km of 2D seismic.

The company said during seismic line clearing operations over the Simpang lead, high quality, live oil was sampled from shallow wells, hand drilled by locals and producing around 100 liters (3-4 Jerry Cans) per day.

A similar occurrence was also encountered at Alur Sentang, to the north of the Paya-Bili lead . Samples of the oil being produced were obtained and analysed indicating very high quality oil. The Simpang oil sample is described as low viscosity, brownish black liquid, smelling like a mixture of diesel and petrol.

Peak Oil said one of the five oil and gas leads will be selected for drilling later this year. The company said the five oil and gas leads provided an Unrisked P50 Prospective Resources of 439 billion cubic feet (BCF) of gas and 47 mmbbls of oil and condensate.

The largest of the gas leads has been mapped to have the potential to contain an Unrisked P50 Prospective Resource1 of 285 BCF recoverable gas and 16 million barrels (MMBBLS) condensate, it added.

Meanwhile, the shallow oil leads targeted have P50 Prospective Resources, ranging in size from 4 to 8 MMBBLS and represent attractive near term commercialization opportunities.

The North Sumatra South Block A block is located in a highly regarded area of the prolific North Sumatra Basin, which contains proven hydrocarbons with gas and oil flows from old wells.

Peak Oil and Gas majority controlled company Renco Elang Energy Pte Ltd is operator of the South Block A PSC with a 51% working interest. KRX Energy Ltd holds 35% interest and local partner PT Prosys Oil & Gas owns the remaining 14%. (*)


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