News & Events

Bukit Energy Awarded Two Unconventional Sumatran PSCs

Daily Oil Bulletin (JuneWarren-Nickle’s Energy Group)

March 26, 2015

Bukit Energy announces the award of two unconventional production sharing contracts in Sumatra, Indonesia.

With these awards, Bukit said it is the leading industry acreage holder for Sumatran unconventional oil and gas rights having three unconventional PSCs covering a total of 1.37 million acres (including the previously announced MNK Kisaran PSC).

The U.S. Energy Information Administration and Cambridge Energy Research Associates have independently estimated Sumatran unconventional risked recoverable resource to be up to seven to 13 billion boe.

The awarded MNK Palmerah PSC comprises the deeper (tight/shale) rights underlying Bukit’s conventional Palmerah Baru PSC. Bukit is the operator of this PSC holding a 69.36 per cent participating interest.

The second awarded PSC is MNK Sakakemang, which is immediately south of the MNK Palmerah PSC, and Bukit is the operator holding a 50 per cent participating interest. The balance of the MNK Sakakemang participating interest is held by Pertamina, the Indonesian National Oil Company.

MNK Sakakemang commences Bukit’s strategic partnership with Pertamina, the largest Sumatran land rights holder.

Securing the MNK Palmerah and Sakakemang PSCs represents the fulfillment of Bukit’s goal to capture the main hydrocarbon source basins for an area where 1.5 billion boe have been discovered to date.

On Feb. 20, the Government of Indonesia approved an unconventional joint study agreement (“JSAU”) for the deep (tight/shale) zones related to Bukit’s Bohorok conventional PSC in North Sumatra. Bukit will be the nominated operator for an MNK Bohorok PSC bid if the JSAU progresses to a direct award bid round, at the option of the Bukit consortium. The most recent gas sales contract in North Sumatra, marketing production into the Bohorok area, has an announced price of $9.44 per mmBtu.

Bukit said it remains confident in the economics of the Sumatran unconventional business due to the increased gasification of the Indonesia-Malaysia-Singapore region, and the resultant high gas prices. Unlike North America, Indonesian gas prices are not expected to decrease with increased supply due to already existing LNG export capacity and pipeline infrastructure connecting Sumatra to Malaysia and Singapore.

Mahato PSC Farmdown to Cue Energy Resources Limited

Mahato PSC Farmdown to Cue Energy Resources Limited

November 21, 2014

Cue Farms-in to Highly Prospective Onshore Acreage, Indonesia

Melbourne, 21 Nov 2014: Cue Energy Resources Limited (ASX:CUE and the Company)
is pleased to announce the execution of a farm-in agreement with Bukit Energy Central
Sumatra (Mahato) Pte Ltd (Bukit) to acquire a 12.5% participating interest in the Mahato
Production Sharing Contract (PSC) onshore Central Sumatra, Indonesia, subject to
Indonesian Government approval. Bukit will maintain a 25% participating interest in the
PSC after the transaction.

Read More – Cue Farms-in to Highly Prospective Onshore Acreage – Indonesia

Bukit Announces Additional Directors

Bukit Announces Additional Directors

Bukit Energy Inc. announces the additions of Gary Guidry and Bob Hodgins to the company’s Board of Directors.

Mr. Guidry is currently with Glencore Plc. and was the CEO of Caracal Energy Inc. up to its sale to Glencore for $1.8 Billion on July 2nd, 2014. Prior to Caracal, Mr. Guidry was the CEO of Tanganyika Oil Company Ltd. until it was acquired on December 19th, 2008, by Sinopec International Petroleum Exploration and Production Corp. for $2 Billion. Mr. Guidry also currently serves on the boards of Africa Oil Corp. and ShaMaran Petroleum Corp.

Mr. Hodgins was the chairman of Caracal through its IPO and sale to Glencore. He has served as the CFO of Pengrowth Energy Corp. and TransCanada Corporation and was vice president and treasurer of Canadian Pacific Limited. Mr. Hodgins currently sits on a number of oil and gas company boards, including Enerplus Corp., AltaGas Ltd. and MEG Energy Corp.

“Mr. Guidry and Mr. Hodgins will be valuable directors for Bukit as it moves toward its 2015 drilling program and continues to pursue Southeast Asian, Indonesian focused, acquisition opportunities” the company said.

MNK (Non-Conventional) Kisaran PSC Awarded to Bukit

MNK (Non-Conventional) Kisaran PSC Awarded to Bukit
First Industry Unconventional Tight Oil and Gas PSC in Indonesia

June 19, 2014

Bukit Energy and partners New Zealand Oil & Gas and Pacific Oil & Gas have been awarded the first industry unconventional Production Sharing Contract for shale gas in Indonesia. This contract underlies our existing conventional Kisaran PSC in Central Sumatra, which contains the Parit Minyak light oil discovery, and includes contract terms and tenure for both shale and tight sand reservoirs. This award marks a major step towards the development of Indonesia’s unconventional oil & gas business, and positions Bukit at the forefront of this emerging industry.

Bukit Energy Announces New CEO

Bukit Energy Press Release
March 14, 2014

Bukit Energy Announces New CEO

Bukit Energy Inc. announces the appointment of Sean Guest as the company’s new chief executive officer.

Guest was most recently the CEO of Pexco Energy, a privately held southeast Asian exploration and production company that held assets in Indonesia, Malaysia, Australia and East Africa. Pexco had production of just under 10, 000 boe per day during Guest’s tenure and he led efforts to successfully develop the Budi oil field in South Sumatra. Guest has held senior roles with Shell and Woodside Petroleum Ltd. and has lived with his family throughout Southeast Asia including in Jakarta.

Bukit Energy is an onshore Indonesian focused exploration and production company that has a portfolio of conventional and unconventional land assets. “The addition of Mr. Guest aids Bukit in its progress from land capture and initial drilling to development drilling and transaction driven growth, ” the company said in a news release.

Jerry Sykora, Bukit’s departing CEO, will be staying with the company as its president and continuing to serve as a member of its board of directors.

© 2014 Copyright Nickle’s Energy Group. All rights reserved.


Bukit Energy is awarded Palmerah Baru PSC in South Sumatra

Bukit Energy Palmerah Baru Pte. Ltd. and partners NZOG Palmerah Baru PTY Ltd. and PT Surya Selaras Sejahtera have been awarded the Palmerah Baru Contract in South Sumatra. The contract, signed in Jakarta on February 26th 2014, is a 30 year contract and Bukit Energy will be operator. The Palmerah Baru Block lies adjacent to the major producing acreages of Corridor and Jambi Merang in an area with over 1.5 billion BOE of discoveries and currently producing 200,000 BOEPD.

Bukit Energy Closes Private Placement

Bukit Energy Press Release
October 17, 2013

Bukit Energy Closes Private Placement

Privately-held Bukit Energy Inc. says it has successfully closed a brokered private placement of Series B convertible preferred shares and closed its warrant amendment offer to its warrant holders for gross proceeds of $13.17 million.

The private placement was completed at a price of $1.25 per Series B share and the amended warrant terms afforded an effective $1.25 exercise price per Series B share. Each is convertible into one common share of Bukit at a value of $1.25 per common share, subject to certain adjustments and additional rights and restrictions attached to each Series B share.

Calgary-based Bukit, which has an operations office in Jakarta, Indonesia, said it intends to use the proceeds of this financing to continue its onshore Sumatran drilling program and to further advance its targeted conventional and unconventional land capture. Through its wholly owned Singapore subsidiaries the company holds interests in the Kisaran, Mahato and Bohorok production sharing contracts and various other conventional and unconventional Indonesia joint study agreements.

Macquarie Capital Markets Canada Ltd. acted as sole agent for the brokered private placement.
© 2013 Copyright Nickle’s Energy Group. All rights reserved.

Bukit Energy – issue date of 13th July 2012

Bukit Energy – issue date of 13th July 2012
July 13, 2012

I’m pleased to announce that on July 6th 2012 at our Calgary Board of Directors meetings, Mr. Don Hansen was appointed Chairman of the Board for Bukit Energy Inc.

Don brings a wealth of experience in value creation in oil & gas companies in both Alberta and internationally and will be a significant contributor to Bukit Energy’s ongoing strategy and continued growth.

Please join me in welcoming Mr. Hansen into this position.


Jerry Sykora
CEO & Managing Director
Bukit Energy Inc.

Bohorok and Mahato PSCs signed

Bukit Energy – Bohorok and Mahato PSCs signed
July 11, 2012

Bukit Energy entered into two oil and gas Production Sharing Contracts in Jakarta on July 11th.

Bukit Energy will operate the Bohorok PSC in North Sumatra with a 45% working interest. Bukit Energy (37.5% working interest) will partner with Central Sumatra Energy in the Mahato PSC in Central Sumatra
July 2012 PSC Signing Ceremony in Jakarta

July 2012 PSC Signing Ceremony in Jakarta - signing-done


Jerry Sykora
CEO & Managing Director

Bukit Energy Inc.