Bukit Energy Inc. (“Bukit”) is a private Alberta, Canada, corporation that was incorporated in late 2010. Bukit is a petroleum company pursuing conventional production and untapped unconventional tight resource opportunities in Indonesia. Bukit’s founders are industry veterans with over 100 years of collective international E&P experience, with 40 years of Indonesian experience. Bukit has a broad knowledge of SE Asian petroleum basins and has worked and studied viable liquids production plays therein. Importantly, Bukit has a broad network of both major and local company contacts as well as long-term working relationships with government agencies in the region.
Bukit has successfully achieved our original goal of establishing a material position in Indonesia, with a focus on Sumatra. Sumatra has large proven basins supported with existing infrastructure though they are underdeveloped by current techniques and measures. Sumatra also affords Bukit with exposure to an emergent unconventional business with material resource potential. Indonesia offers a stable and favorable fiscal environment with a rapidly expanding economy that supports strong commodity prices in multiple domestic and tied-in foreign markets.
To support our balanced growth in Indonesia, Bukit’s strategy has been the capture of targeted acreage from which both, short term cash flow and longer term material tight reservoir unconventional potential, may be realized. A foundation of Bukit’s business plan is that production performance in the majority of Sumatran basins can be significantly enhanced through the application of drilling, operating, and completion methods currently employed in North America.
Bukit expects to complete our targeted land capture process over 2016 and 2017. Bukit currently has land tenure over 1.4 million net Sumatran acres under seven Production Sharing Contracts (“PSC”) and we have successfully completed our initial appraisal drilling program for the Kisaran PSC in Central Sumatra. Our initial Plan of Development for Parit Minyak Field in the Kisaran PSC has been approved.
Through the past four years, Bukit has built an experienced management, technical, operating and national team, as well as opening our full service Calgary and Jakarta offices. Bukit is solidly positioned to further develop our existing Sumatran asset base and to continue to assess and capture additional conventional and unconventional onshore Indonesian opportunities.