CITIC reports declining Indonesian production
Monday, September 7 2009 - 04:23 AM WIB
The following is an excerpt taken from Hong Kong-based CITIC Resources Holdings Limited?s Interim results for the six months ended 30 June 2009, released on Monday. (ed)
The performance from the Group?s Seram interest has fallen short of expectations. Production from existing wells continued to fall as a result of their natural decline and production from new wells were less than anticipated following initial tests.
Further study of these new wells is being undertaken to assess their potential productivity. (end of excerpt)
Editor?s note:CITIC is the operator of the Seram (Non Bula) block, onshore Maluku. According to its partner Lion Energy the block produced 2,413 BPD of oil in the second quarter of 2009. CITIC has 51 percent interest in the block.