Cooper Energy acquires interest in N. Sumatra block

Australian oil firm Cooper Energy Limited said on Friday it had secured interest in Seruway PSC offshore North Sumatra through acquisition of privately held firm Rion Energy, which owns 22.5 percent interest in the block.

The acquisition would be paid with Cooper?s 13 million shares.

According to Cooper, Seruway PSC contains Gurame field with estimated gas recoverable reserves of between 400BCF to 2.7TCF and 20-150 MMBO of condensate. The field was discovered and delineated between 1967-1972 when there was no regional market for gas and is strategically located 50-km from Arun LNG plant.

100-km 3-D seismic shot had been shot on the block by operator with delineation drilling planned by the end of 2007.

According to Petromindo.Com data, the block was awarded in 2004 to Transworld Exploration Limited.

In addition to Gurame field, the block also contains a number of other discovered but undeveloped gas fields, several mature prospect and 35 leads and prospects, which will require seismic to mature for drilling. The leads and prospects are estimated to have total potential recoverable reserves of more than 10TCF and 50MMBO of liquids, the company said.

Cooper, which also has 30 percent interest in South madura PSC offshore East Java, said it was planning more acquisition of Indonesian E&P projects. (alex)