Project Profile
Value: undisclosed
Location: Central Sumatra, Indonesia
Area: 2,162-square-mile (5,600-square-kilometre)
Mahato production sharing contract (PSC) is an onshore license covering an area of 2,162-square-mile (5,600-square-kilometre). Mahato PSC is located in a highly prospective area in the prolific Central Sumatra Basin close to several producing oil fields, including Indonesia’s largest onshore oil fields; the Minas oil field (over 5 billion barrels) and the Duri oil field (over 3 billion barrels).
The Mahato PSC consists of the Petapahan field. The block contains multiple appraisal and exploration drilling opportunities with two wells currently planned for 2015. The 2015 work plan includes an appraisal well delineating the possible extension of the Petapahan field into Mahato PSC, a subsequent exploration well nearby and seismic acquisition to further high grade exploration prospects for future drilling. The Mahato PSC is surrounded by existing infrastructure which is expected to result in a reduced cycle time to development of any discoveries. Cue Energy Resources Ltd. executed a farm-in agreement with Bukit Energy Central Sumatra (Mahato) Pte Ltd. to acquire a 12.5% participating interest in the Mahato production sharing contract (PSC) onshore Central Sumatra, Indonesia, subject to Indonesian Government approval. Bukit will maintain a 25% participating interest in the PSC after the transaction.
Operators:
Texcal Mahato EP Ltd: Operator with 62.5% interest
Bukit Energy: 25% interest
Cue Energy Resources Ltd.: 12.5% interest (New Zealand Oil & Gas has a 48.11% interest in Cue Energy.)