Coopers may divest part of stake in E. Java exploration block

Australian upstream firm Cooper Energy Limited said on Wednesday that it had received a number of farm-in proposals to it South Madura PSC exploration block onshore East Java.

?At this time Cooper is reviewing and clarifying the offers and will make a detailed announcement if divestment of working interest is proposed,? the company said.

Cooper has 45 percent indirect interest in South Madura PSC through operator South Madura Exploration Company Pte Ltd that holds 90 percent interest in the block.

The company also said that civil works to prepare for the first exploration drilling in the block had commenced. The Kurnia-1 prospect, which is located in the southern part of the block, is evaluated to have reserves of 256BCF of recoverable gas and 199 million barrels of recoverable oil, at confidence level of 50 percent. Drilling is expected to take place later this year. (denny)