Peak Oil & Gas Raises Funds for Indonesia Project

Peak Oil & Gas plans to raise through rights issue up to approximately A$1.9 mn to fund exploration commitments in the South Block A Production Sharing Contract in North Sumatra, Indonesia.

South Block A is located in the centre of the highly prolific North Sumatra Basin. The basin is one of the most productive hydrocarbon provinces in Indonesia with over 80 known oil and gas fields. The United States Geological Survey (USGS) World Petroleum Report (2000) indicates that reserves of 1,900 mmbbl of oil including natural gas liquid and 34 Tcf of gas have been found in the North Sumatra Basin. The USGS report estimates that over 9 Tcf gas (mean) and 210 mmbbl (mean) of oil have yet to be discovered in the basin.

The rights issue is fully underwritten by Octanex.

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