Cooper Energy to farm-out interest in Merangin III, Sumbagsel PSCs
Friday, October 3 2014 - 02:17 AM WIB
ASX-listed Cooper Energy Limited said it will seek to farm-out a portion of its equity in the Merangin III PSC in South Sumatra, following interpretation of the seismic data.
Cooper said in an annual report ended June 2014 released on Friday that reprocessing of over 1,322 km of 2D seismic data from the Merangin III PSC was completed during the year, with the objective of maturing targets for seismic acquisition in calendar 2015.
Cooper Energy is the 100 percent interest holder and operator of the Merangin III PSC which lies in the central portion of the basin and contains a wide prospect inventory of both shallow oil and deeper gas prospects and leads.
Meanwhile, Cooper Energy said it will also seek to farm-out a portion of its equity in the Sumbagsel PSC in South Sumatra, following interpretation of the seismic data.
Acquisition and processing of 257 km of 2D seismic was undertaken in the year, the objective of which was to delineate exploration targets for drilling in 2015, the company said.
Cooper Energy is the 100 percent interest holder and operator of the Sumbagsel PSC which lies on the eastern flank of the basin and contains a wide prospect inventory of both shallow oil and deeper gas prospects and leads.
Elsewhere, the company said drilling of 3 development wells, Bunian-3, Bunian-4 and Tangai-5 in Sukananti KSO, South Sumatra is expected to commence in late 2014.
In June 2014 Sukananti-1, which was a non-producing well, was recompleted as a water injection well, increasing field water disposal capacity by a factor of more than 5 and hence eliminating an existing oil production constraint.
Subsequent to year-end, workover of Tangai-3 was successfully undertaken, resulting in oil flows from two zones at combined initial rates of approximately 100 bopd. The well commenced oil production, on natural flow through temporary facilities, in July 2014. It is expected that the production rate will be increased by the installation of artificial lift in 2015.
Cooper Energy is the 55 percent interest holder and operator of the Sukananti KSO.
Editing by Reiner Simanjuntak