Cooper reports higher production at Tangai-Sukananti KSO, divestment progress
Tuesday, April 26 2016 - 03:26 AM WIB
ASX-listed Cooper Energy said on Tuesday that its share of oil production from the Tangai-Sukananti KSO in South Sumatra during the March quarter was 38.0 kbbl (417 bopd); higher than the preceding quarter?s production of 35.0 kbbl (380 bopd), and 18.2 kbbl (202 bopd) in the corresponding first quarter period of last year.
The company said in a statement that the Bunian-4 appraisal/development well in the Tangai-Sukananti KSO was completed during the September quarter. Plans are progressing to start production from this well following installation of a jet pump in the June quarter. The well will be produced from the TRM3 and GRM sandstones.
?Studies to modify the production facilities to allow for future infill drilling and an anticipated production increase upwards of 1,000 bopd (100% joint venture) are ongoing. It is anticipated that modification of field facilities to increase production capacity will take place in the second half of calendar year 2016,? said Cooper, which holds 55 percent interest in Tangai-Sukananti KSO.
The company has announced its intention to divest its Indonesian assets in order that capital and other resources can be concentrated on growth opportunities available in Australia.
The first step in this process was made during the quarter with the announcement that Cooper Energy had entered into an agreement with Mandala Energy for the sale of its Indonesian exploration assets. Subject to government approval, the Sumbagsel and Merangin III PSC?swill be sold to Mandala Energy for US$8.25 million. ?It is expected that, subject to the necessary approvals, the transaction will complete in the June quarter,? Cooper said.
?The sales process for the remaining Indonesian asset the Tangai-Sukananti KSO is well advanced, with a number of parties engaged and the expectation of an outcome in the current quarter,? the company added.
Editing by Reiner Simanjuntak