Benakat plans to drill 13 production wells

Indonesia-listed PT Benakat Petroleum Energy plans to drill 13 production wells beginning the end of this year until the end of 2013 to boost oil production, Kontan daily reported on Friday.

Benakat?s Corporate Secretary Dina Andini Rohali said in Jakarta that 10 of the production wells would be drilled in the company?s concession in the West Benakat block, South Sumatra, and the other three wells in the Partina field, Bangkudulis, East Kalimantan .

She said that the drilling activities had been hampered by licensing problems because the new wells were located in forest areas. ?But the problem have been resolved and the drilling works could commence later this year,? she added.

Benakat will spend at least US$1 million to drill each production well.

Dina said that the operation of each new well would be able to increase the company?s crude oil production by between 100 and 300 barrels. At present, Benakat produces 2,000 barrels per day from the West Benakat block and about 100 barrels per day from the Patinah field.

Meanwhile, the company reported Thursday that it booked a net profit of about Rp 20.14 billion as of the end of the third quarter this year, a 400 percent increase from Rp 4.1 billion in the same period of last year.

Total revenues reached Rp 273 billion in the third quarter, an 8 percent increase from the figure recorded in the same period, last year.(*)