According to industry sources, Zaratex has likely made available a data room for its farm in opportunity in the Lhokseumawe PSC, located in offshore North Sumatra Basin, as of late August 2018. Reportedly, the company started to offer the farm-in in late November 2017. PSC extension was likewise approved by the authority in Q4 2017.    The block is located immediately south of the Krueng Mane PSC and north of Pertamina's "B" Block PSC Extension. The block is situated mostly offshore at water depths of 0->1,000m, but with a small onshore extension. The offshore section can be split into a southern "inshore" shallower water section (0-500m) and a northern "deep water" section (>500m), both with separate exploration pedigrees. A number of play types are known to occur in the "inshore" area and potential reservoirs could exist in the Oligocene Bruksah/Parapat Formation sandstones, Lower Miocene Peutu Formation carbonates (equivalent to the Arun Formation Limestones) and within the Upper Miocene Keutapang Formation sandstones. Deeper water targets include Parapat Formation sandstones and basal post-rift sandstones.  It is understood that Zaratex is planning to develop the Peusangan B, located in the shallow water area of the PSC. Pre-FEED studies for the development likely commenced in late 2017.  The Lhokseumawe PSC, initially covering an area of around 6,000 sq km, was signed on 7 October 2005 with Zaratex paying a signature bonus of USD 500,000. Firm commitments (for the first three years of the contract/first exploration phase) include G&G studies worth USD 2.1 million, acquisition of at least 1,000 km of 2D seismic data and drilling one exploration well. Commitments for the second exploration phase would include drilling another well and acquisition of additional 500 km 2D and 200 sq km 3D seismic data. Currently the block size is approximately 20% of its original size.  Zaratex is the rightholder of the block with 100% interest.    Previous exploration campaign in the block was the drilling of two shallow water wells, Ratnadewi 1 and Candralila 1ST1, and one deep water well, Jayarani 1, from April to November 2012. These three wells were initially reported to have encountered very small hydrocarbon volumes.   Jayarani 1 wildcat was spudded on 10 October 2012, drilled using Diamond Offshoreâs âOcean Monarchâ S/S. The well is situated at a water depth of 978 m, penetrated the targets, Oligo-Miocene Peutu and Cunda carbonates, and reached a final TD of 3,516m in early November 2012. The well did not encounter commercial reservoir.   The two shallow water wells were drilled from April to August 2012 using PT Hamoniâs âHercules 208â J/U. Ratnadewi 1 wildcat was abandoned as a non-commercial gas (with light oil shows) discovery while Candralila 1ST1 only encountered oil and gas shows. Both wells fulfilled the firm drilling commitments for the first and second exploration phase of the block. Total unrisked recoverable resources of a complex of shallow-water prospects, wherein Candralila and Ratnadewi are located, would be about 130MMboe with upside potential of 400MMboe.  Aside from exploration drilling, an onshore-transition zone 2D seismic survey was completed on or around 5 September 2012. Around 541km out of the planned 550km data was acquired. Advance party for the survey commenced on 28 January 2011 and it was initially undertaken by PT Saripari Geosains. PT Quest Geophysical Asia was later reported to have taken-over the acquisition. This survey fulfilled the 2D seismic acquisition commitment for the second exploration phase. It followed a 3,715 sq km of 3D seismic acquisition, which commenced in mid-July 2009 and possibly completed in late 2009.  For further information on the offering, interested parties can contact:   Yusak Setiawan   Email: Yusak@pexcoenergy.com     Background Information  Zaratex re-acquired the 30% participating interest that it previously farmed-out to Niko Resources in the Lhokseumawe PSC, in January 2013. The farm-out deal was reported on 2 April 2012 prior to the drilling of two shallow water (Ratnadewi 1 and Candralila 1ST1), and one deep water (Jayarani 1) exploration wells from April to November 2012.   The extreme east of the block was previously explored under the Malacca Strait I PSC between 1973-1980 (Refican/North Sumatra Oil/Aquitaine), the Langsa PSC between 1981-1987 (Caltex) and the Langsa JOA between 1989-1998 (Pertamina/TCR and Pertamina/Mobil). However, only limited seismic 2D acquisition was acquired in this area and no wells were drilled. The southern onshore extension between Krueng Mane and the Arun area was ceded from the "B" Block in the 1980s and 1990s.   The first contract covering the southern "inshore" was the North Malacca PSC, held between 1963-1977 by a succession of operators comprising Refican, NOSOPEC, Japex and Gulf. Japex shot an extensive regional seismic grid and drilled two exploratory wells within the confines of the Lhokseumawe block, resulting in non-commercial gas at ONS G-1 in 1970 and non-commercial gas with oil at ONS F-1 also in 1970. Gulf later shot additional seismic and drilled ONS J-1X (dry) in 1972. Gulf later committed to drilling the ONS L reefal prospect located on the northern offshore extension of the Arun reef trend. After major drilling problems, ONS L-1/L-1AX/L-1BX was abandoned as dry in late 1972, the main problem with the prospect is due to lack of seal to the reef carbonates.   The next contract over the "inshore" was Mobil's Peusangan JOA, held between 1979-1991. Mobil acquired 604.65km of 2D seismic data in September 1979. Mobil drilled seven wells during the lifetime of the contract. The first, Peusangan A-1 (dry) was drilled in 1980. Following a four year hiatus, Mobil resumed drilling in January 1985 on a reef drilled in 1972 by Gulf with its three ONS L-1 wells and made the Peusangan B-1 gas/condensate discovery (16.8 MMcf/d & 892 bc/d from reefal Peutu Formation limestone). The subsequent appraisal well, Peusangan B-2, was dry and the discovery was deemed non-commercial. Between November 1986 and December 1990, Mobil drilled wildcats Peusangan C-1, D-1, E-1 and F-1, all without success.   The most recent "inshore" contract was Opic's short-lived Peudada PSC, held between 1996-1998. In October 1997, Opic completed a 435km 2D and a 480 sq km 3D survey over the contract area. The results of the survey were to determine if a well would be drilled in 1998.   The "deep water" section was first explored by Inpex under the North Aceh PSC between 1982-1997. Exploration commenced with the acquisition of 2D seismic, gravity and magnetic data in early 1983. In early 1985 more 2D data were acquired. Within the Lhokseumawe block, just one well was drilled, namely Intan Utara 1 between September and November 1994, this being a test of Parapat Formation sandstones and skeletal bank carbonates in water depths of 862m. Minor gas/condensate was encountered in basal post-rift sandstones. Eni's Krueng Mane PSC was awarded in 1999 and covered the northern extremities of the Lhokseumawe PSC. These areas were relinquished by Eni in 2001.
Zaratex has likely made available a data room for its farm in opportunity in the Lhokseumawe PSC, located in offshore North Sumatra Basin, as of late August 2018. 