KrisEnergy becomes operator of Sakti PSC, offshore East Java

KrisEnergy Ltd. upstream oil and gas company, announces that it has been awarded the operatorship and a 95% working interest in the Sakti Production Sharing Contract (“PSC”) offshore East Java in Indonesia, where the Company is actively developing gas aggregation opportunities.

The other participant is Golden Heaven Jaya Ltd with a 5% working interest. The Sakti exploration block covers 4,974 sq km in the East Java Sea over the western margin of the East Java Basin, Bawean Arch and the Muriah Trough. Water depths in the area are between 50 metres and 60 metres.

The block is proximal to the KrisEnergy operated Bulu PSC and East Muriah PSC, where the Company is currently planning the development of the Lengo and East Lengo gas discoveries, respectively. The PSC has an initial three-year term and an associated work commitment of 1,200 km 2D seismic acquisition and processing, and one exploration well.
KrisEnergy is the operator of six other contract areas in Indonesia – East Seruway offshore North Sumatra, Kutai and Tanjung Aru offshore East Kalimantan, Bulu and East Muriah offshore East Java
and Udan Emas onshore West Papua.

Richard Lorentz, Director Business Development, said: “We believe there are still significant opportunities to discover new oil and gas resources in Indonesia and therefore we continue to grow our asset base there. Sakti is a good fit with our gas aggregation plans to supply the thriving East Java market. The area possesses all the required elements for hydrocarbon entrapment and earlier  exploration drilling has indicated the presence of gas.”

 

Press Release, February 27, 2014

 

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