Apexindo wins onshore drilling contract in C. Sulawesi

Drilling company PT Apexindo Pratama Duta has won an onshore drilling contract worth US$ 13.2 million from the Pertamina ? PT Exspan Tomori Joint Operating Body (JOB) for the Luwuk field in Central Sulawesi, according to a report released by the Jakarta Stock Exchange on Tuesday.

Under the two-years contract, the company would drill the field using Rig 10, but the JOB had not yet decided when the drilling program would start, Apexindo said in its report to the bourse dated March 7.

The Luwuk field is part of the Senoro Toili block in Banggai Regency, Central Sulawesi. The block is jointly operated by the JOB in a 50:50 percent partnership.

In the report, the company also said it had completed a transaction to sell its 2,000 horse power-Rig 6, which is located in the U.S., for $4.25 million (net sales). The company did not name the buyer of the rig.

It said the sale was aimed to strengthen its financial capability to finance its expansion program in Indonesia.

Apexindo and Exspan are both the subsidiaries of PT Medco Energi International. (robert)