Cooper updates Indonesian ops
Wednesday, July 23 2008 - 02:05 AM WIB
Exploration: Seruway PSC, offshore North Sumatra, Cooper 22.5%, operator: Transworld Energy.
Seismic processing on the newly acquired Ibu Horst seismic has just commenced for the Seruway PSC. This seismic is aimed at defining a number of gas accumulations that have been penetrated and tested successfully by previous wells on the Ibu Horst. A number of prospect risks will be addressed as part of the studies that are planned post the seismic processing.
Exploration: South Madura PSC, off/onshore Madura, East Java, Cooper 30%, operator: Nations Petroleum
Seismic continues to be acquired over the west of the South Madura PSC.
The seismic is targeting a number of shallow prospects to the west of the permit.
Subject to the seismic revealing risk acceptable prospects, it is expected that a well will be drilled in 2009.
The seismic is targeting a number of shallow prospects to the west of the permit.
Subject to the seismic revealing risk acceptable prospects, it is expected that a well will be drilled in 2009.
Development: Seruway PSC
A Joint Venture technical meeting was held in Jakarta at the end of June to review the results of the Gurame-1X well.
Geophysical evaluations by Cooper Energy appear to indicate that the Gurame-1X well has potentially been drilled off-structure. In addition, the well data demonstrates that the well has been drilled into a poor quality reservoir area. The Joint Venture gre-drill interpretation and geological model had identified these as potential risks. However, due to the geological model being carried at the time the risks were evaluated to be low.
The Gurame-1X well has now provided an additional data point in the Gurame structure and this will enable the geological interpretation and model to be updated. The updated geological model is now being used to understand if the accumulation has any residual value. This work is expected to be communicated to shareholders at a later juncture.
As gas production and oil recovery has been proven in a number of other wells on the accumulation, Cooper Energy is hopeful that some future value can be demonstrated.(end of edited excerpt)