Carnarvon to quit Indonesian exploration block
Thursday, April 19 2012 - 03:04 AM WIB
By Alexander Ginting
Australian oil, gas firm Carnarvon petroluem reported on Wednesday that it has begun process of quitting Rangkas PSC, onshore West Java after a strategic and technical review conducted by the company concluded low chance of success.
?An assessment of seismic data gathered in 2011 identified several prospects. However the prospects have a low chance of success and do not have sufficient volume to warrant further exploration activities,? the company said.
Carnarvon has 33 percent interest in the block, with the balance held by Swedish firm Lundin Petroleum.
The block was awarded to Lundin in May 2008.
Editing by David Mustakim