The Australia-listed explorer said on Monday it had been offered a permit by the Indonesian regulator to explore the 1000-square kilometre Palmerah Baru Block.
NZOG will have a 36% stake in the PSC. Its partners Bukit Energy Palmerah Baru and PT SNP Indonesia will hold 54% and 10% interests, respectively.
Under the deal, the joint venture is expected to commit to an initial three-year exploration work programme, including the acquisition of 2D and 3D seismic data and the drilling of one exploration well.
NZOG
