Capitalinc to conduct 2D seismic survey in South Sumatra

By Febry Silaban

IDX-listed PT Capitalinc Investment Tbk said its subsidiary PT Cahaya Batu Raja Blok plans to carry out a 2D seismic acquisition in the Air Komering PSC onshore South Sumatra in September of this year.

?We currently have little seismic data and the seismic data is not of good quality. We expect that with the new seismic data we can more clearly define the extent of both the prospects namely Selulu and Imusin in the block,? the company?s General Manager Herman Dahlina told Petromindo.com.

He added that the company's capital expenditure for 2015 will reach US$10.5 million, of which $4.5 million will be used for the drilling of the Selulu-1 wildcat well and the remaining for financing seismic survey.

Capitalinc reported earlier that it received approval from the Directorate General of Oil and Gas to get additional time for exploration in its wholly-owned Air Komering PSC in South Sumatra. The approval was issued on Dec. 31, 2014 is effective for two years from Dec. 12, 2014 through Dec. 11, 2016, the firm said in a statement. The PSC was signed on Dec. 12, 2004.

Editing by Reiner Simanjuntak