Continental energy seeks partner to develop Bangkudulis oilfield

Canadian junior oil company Continental Energy is seeking farm in partners and raising funds to develop its Bangkudulis oil field located onshore East Kalimantan, the company website says.

Continental holds interest in Bangkudulis TAC through its 70 percent ownership in operator GAT Bangkudulis Petroleum Company and said it was intending to bring the field back into production at 1,200 barrels per day this year. The company estimated production from the field could peaked at 9,000 BPD.

In second half 2003 Continental intends to drill two new production wells and workover one existing production well and restore commercial oil production from the field. Production from the 3 wells should commence by end 2003. Full field exploitation is expected to take an additional 18 months and involve drilling 16 to 20 additional wells paid for from production.

Bangkudulis strated production in 1985, but then was closed out in 1989 due to technical problems. The field has around 10 million barrels of proven and probable reserves.

Continental also has interests in Yapen PSC exploration block in Papua and Bengara exploration block in East Kalimantan. (alex)