Black Platinum Energy sets 2012 exploration programs

Black Platinum Energy Ltd (BPE), an oil and gas exploration company based in Mah?, Seychelles with a focus on Indonesia, plans to drill three to five exploration wells in 2012 and shoot 2,100 kilometers of seismic. The company has set aside approximately US$67 million to complete these activities.

It said in a media statement that the funding for such activities has already been secured from various private equity investors.

In the late 1st quarter, the Atlas-1 well is planned to be drilled by AWE Ltd, operator of the Titan PSC, located in the shallow water offshore East Java basin. The Atlas-1 well will test a large Kujung reef with a seismic direct hydrocarbon indicator for the presence of gas in the reef with net unrisked resources ranging from 18 to 41 MMBOE.

The Atlas -1 is located approximately 35 kilometers northeast of the Lengo gas discovery, which tested gas at rates of 12.8 million cubic feet per day from the discovery well in 2008.

In addition, the Titan Joint Venture will acquire 500 kilometers of new 2D seismic in this block. BPE has a 25 percent non-operated interest in the Titan PSC.

In the 3rd quarter, the Dara 3 and Dara 4 wells are planned to be drilled by BPE in its North Sokang PSC located in the shallow water East Natuna Sea basin. These two wells will be drilled back to back targeting proven by-passed Pliocene gas with multiple stacked reservoirs with net unrisked resources ranging from 154 to 210 MMBOE.

In addition, the company will acquire 1,600 kilometers of new 2D seismic in the North Sokang and Sokang PSC?s to identify additional leads and prospects within the PSC?s with estimated potential reserves exceeding 450 MMBOE. BPE has a 100 percent operated interest in both the North Sokang and Sokang PSC?s.

In the late 4 th quarter, BPE also has its sights set on participating in two deepwater wells, one each in its North Makassar and North Ganal PSC?s, which are operated by Niko Resources and Eni, respectively. These two wells are pending various government and partner approvals and could possibly slip into 2013.

The North Makassar and North Ganal PSC?s are situated in the heart of the highly prospective deepwater Kutai basin, adjacent to proven fields with similar play elements.

Makassar's deepwater trend is basinward of the prolific Mahakam Delta province which hosts in excess of 50 Tcf and 5 billion barrels of oil and gas reserves. Black Platinum has a 30 percent non-operated interest in the North Makassar PSC and a 20 percent non-operated interest in North Ganal PSC.

Editing by Roffie Kurniawan