Apexindo to soon start drilling program on TotalFinaElf?s Tunu field

The JSX listed drilling company PT Apexindo Pratama Duta said on Saturday the drilling barge ?Maera?, which caught fire in March last year, arrived in Tunu field East Kalimantan by February 17, after a six-month refurbishment at Singapore based Keppel Offshore & Marine Ltd.?s shipyard.

?The ?Maera? is currently on preparation and testing all the equipments. Drilling program on Tunu field is expected to be started by March 5,? Apexindo said in a statement.

Last year, Apexindo ordered to build two units drilling barge (Raissa and Yani) and repair one unit barge (Maera) at Keppel shipyard. The three drilling barges will be deployed for Tunu field in East Kalimantan.

The Tunu gas field is situated at the delta of the Mahakam River on the Mahakam block, which is operated by TotalFinaElf Indonesie E&P (50 percent) in partnership with Japan?s Inpex (50 percent).

According to the statement, a new drilling barge ?Raissa? is on the way to location, while another barge ?Yani? is still on construction and scheduled for delivery in May 2003.

Elsewhere, the company said, it would receive a US$ 39 million loan, as the first stage of totaled $ 77 million loan commitment from Fortis Bank of Singapore. The loans would be used to partly finance of the three drilling barges, which will cost about $114 million.

Apexindo is a subsidiary of publicly listed oil and gas producer PT Medco Energi International Tbk. (robert)