Kulczyk Oil Ventures Inc. an international upstream oil and gas company, is pleased to report that an extension to the terms of the Production Sharing Agreement ("PSA") has been granted by PetroleumBRUNEI. Under the terms of an amendment to the PSA the requirement to complete the existing minimum work obligations has been extended from 27 August 2012 to 27 August 2013.
Tim Elliott, President and Chief Executive Officer of KOV stated:
"We are pleased with the extension and believe that it now provides sufficient time to complete the work obligations under the PSA, to adequately delineate the potential of the West Jerudong prospect and to further investigate the additional exploration potential of Brunei Block L."
The minimum work obligations include:
- acquire and process 130 square kilometres of onshore 3D seismic;
- acquire and process 13.5 square kilometres of onshore 3D swath data
- acquire and process 13 kilometres of onshore 2D seismic
- drill a minimum of 2 exploration wells.
Planning for the 3D seismic program over West Jerudong is progressing and the first shot, which marks the formal start of seismic acquisition, is expected later this month. The seismic team required for the program has been mobilized, field camps have been constructed and surveying and topographical work is nearing completion. The 2D seismic line in the East Tutong area of the block has now been completed and will be complemented by a 3D test swath east of the Lempuyang-1 well.
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