Canada's Benchmark Energy eyeing Indonesian marginal oil, gas fields

Canadian firm Benchmark Energy Corp said Tuesday it had entered into an exclusive arrangement for an initial 12- month period with a Indonesian group to develop marginal oil and gas field projects in Indonesia.

Benchmark said in a statement that it had advanced US$200,000 to the Indonesian group as part of the arrangement.

According to the statement, one of these projects is an onshore marginal field with estimated gross proved and probable recoverable reserves of approximately 10 million barrels of oil and 27 billion cubic feet of gas, and with 3 wells having already been drilled but not yet on production.

The other project consists of 2 fields, one onshore and one offshore, with total estimated gross proved and probable recoverable reserves of approximately 33 million barrels; the onshore field includes 19 existing wells, and a small amount of existing production.

Aside from Indonesia, Benchmark, a junior oil and gas exploration company, intends to develop marginal oil and gas fields on North and West Africa. The company currently has a 33.33% working interest in a Tunisian concession. (robert)