ATPK signs MoU to revitalize old oil wells
Friday, September 28 2007 - 05:32 AM WIB
JSX-listed mining and energy firm PT ATPK Resources Tbk through its wholly-owned subsidiary PT ATPK Energy Resources has signed an MoU with PT Anugrah Global Esa to revive old oil wells in Purwodadi,
Corporate secretary Andreas Andy said in a report to the JSX on Thursday that under the oil uplifting cooperation, ATPK will receive 70 percent of net revenue after costs.
He said the oil up-lifting cooperation will be upgraded to joint operation (KSO) between ATPK Energy Resources with state oil company Pertamina, in which ATPK will carry out activities in Gabus oil field. "Once the joint operation with Pertamina is made, ATPK Energy Resources will be able to undertake explorations and productions in order to reach higher oil production level," the company said. ATPK will finance all activities of the oil up-lifting cooperation as well as all activities of exploration and production in the joint operation with Pertamina, using the company's internal cash or bank loan/third party fund. ATPK Energy Resources expects the oil up-lifting cooperation to begin production of 50 BPD, which will be increased in the years to come along with productions from other oil fields to 2,000 BPD. (denny)