Apexindo secures drilling contract from affiliate

Publicly listed drilling contractor PT Apexindo Pratama Duta had signed a Letter of Intent worth US$ 1.69 million to carry out onshore drilling program at JOB Pertamina-Medco E&P Tomori Sulawesi’s operating area in Central Sulawesi.

In a statement to the Jakarta Stock Exchange Apexindo said it would use its Rig #2 for the 15-month drilling campaign. The company however did not say when the work would commence.

The operating area, Senoro-Toili block, has an estimated 1.29 trillion cubic feet of gross proved and probable gas reserves at Senoro field. Meanwhile, the block’s Tiaka field is certified to contain about 5.5 million barrels of gross proved and probable oil reserves.

Apexindo is a 77.53 percent-owned subsidiary of oil and gas firm PT Medco Energi Internasional Tbk. (robert)