KrisEnergy Ltd. has received approval from the Indonesian government and the provincial government of Aceh concerning the acquisition of Premier Oil Sumatra (North) B.V. from Premier Oil Overseas B.V., according to a news release.

Premier Oil Sumatra holds 41.6666% working interest in the Block A Aceh production-sharing contract.

Block A Aceh is located onshore Sumatra in the semi-autonomous region of Aceh and covers an area of 1,803 sq km (696 sq miles). It contains several gas condensate discoveries including the Alur Rambong, Alur Siwah and Julu Rayeu fields, which were approved for development in 2007, the release said. These gas condensate discoveries are expected to go into development with first gas from Alur Rambong anticipated in 2017.

The block also contains the Matang gas discovery, which requires further appraisal prior to being developed via tie-back to the initial facilities, and the high-CO2 Kuala Langsa gas discovery, the release said.

PT Medco E&P Malaka is the operator of the Block A Aceh PSC with a 41.6667% working interest and Japex Block A Ltd. holds the remaining 16.6667%.