New Zealand Oil & Gas (NZOG) reported in late January 2019 that it has reached an agreement to dispose of its remaining 25% interest in the Bohorok PSC, in onshore North Sumatra, to operator Bow Energy International Holdings.  NZOG will receive a cash payment of USD 2 million if production from the block commences following the first well. An additional USD 1 million will be received by NZOG if there is production from a second well. NZOG will no longer contribute to the PSC costs. The transaction is subject to regulatory approvals. Upon completion, Bow Energy will control 100% interest in the block.  Earlier in Q1 2018, NZOG sold another 20% interest in the Bohorok PSC to Bow Energy. Prior to that transaction, NZOG was holding 45% stakes in the block.  Bow Energy is planning to drill wildcat Bow Kaya 1 in 2019, targeting prospective resources of approximately 40 Bcfg and 3 MMbc. The prospect is considered as a low risk exploration target, with a 53% chance of success. Primary exploration targets in the block are sandstones of the Belumai and Keutapang formations. According to Bow Energy, additional follow-up potential of 113 MMboe exists in the block.  Background Information  The Bohorok block covers an original area of 5,022 sq km and is located south of the main productive areas of the North Sumatra Basin, partially surrounding the Nanggroe Aceh Darussalam (NAD) 2 PPC. Over 1,800 km of 2D seismic data are available for the block, plus 1,300km of optional 2D data. Major portions of the offered block were previously covered by the Binjai PSC, awarded to PT Telaga Binjai Energi in 1997 and relinquished by subsequent operator Sinopec in 2009. Earlier, the block was included in a Project Loan agreement (Project Loan Unit I) between Pertamina and Inoco within Pertaminaâs UEB I, which involved financial assistance with exploration and development within the UEP I operating area.  The block was awarded on 20 July 2012 to a consortium of Bukit Energy (45%, operator), New Zealand Oil and Gas (45%) and PT Surya Buana Lestarijaya Bohorok Inc. (10%). Bukit offered a farm-in opportunity for its stakes in the block in March 2016.
Bow Energy (->100%) acquired 25% of interest from NZOG in Bohorok PSC.