Canadian investor to finance Bumi Resources' oil exploration project in Yemen
Tuesday, February 13 2001 - 04:30 AM WIB
A Canadian investor, Canadian Occidental, is interested in financing PT Bumi Resources' oil exploration project in the Republic of Yemen, according the company's corporate secretary Ella V. Brizadly.
Ella said that the Canadian investor was likely to finance the oil exploration in Block 13 next year. But Ella refused to disclose the amount of fund to be invested by Canadian Occidental, noting that it would depend on the amount of funds committed by the investor.
"Canadian Occidental has actually expressed its interest in the project, but we are still concentrating on Block R-2," Ella said, adding that the oil exploration in Block R-2 had reached production testing.
According to Ella, the drilling of Dawan-2 well in Block R-2 had shown an indication of oil reserves when it reached the depth of between 840 meters and 850 meters. The indication of oil reserves was getting more positive when the drilling depth reached between 920 meters and 1,000 meters.
More oil was found when the drilling got deeper into between 1,320 meters and 1,340 meters. Currently, the drilling of Dawan-2 had reached 1,362 meters.
To know exactly the oil contained inside the Dawan-2, Bumi Resources would conduct production testing on Feb. 15. (*)