SYDNEY (Yosefardi) – SKKMigas, the upstream oil and gas regulatory body, has completed the land transfer for Prabu-1 drill site in the Ranau production sharing contract, South Sumatra.
Quest Petroleum NL informed shareholders today that a formal land purchase agreement has been executed by SKKMigas with the owner of the land situated at Way Kanan, approximately 140 KM northwest of Lampung.
“The agreement enables QUest to use the land for multiple purposes including seismic surveys, exploration wells, development wells, and production infrastructure,” the company said.
Prabu-1 prospect target reservoirs for the drilling are in the Baturaja limestone and Talang Akar Sandstone Formation, which are considered the most prolific oil and gas reservoirs in the South Sumatra basin.
ASX-listed Quest Petroleum was granted the Ranau block in November 2011 for a period of 30 years. The license covers 2,191 KM2 of the South Sumatra Basin.