Drilling rig secured for South Madura?s Kurnia-1 well

Australian oil, gas firm Cooper Energy Limited said on Monday that South Madura Exploration Company (SMEC), the operator of South Madura PSC onshore East Java has selected rig 253 owned by Parker Drilling Company to conduct drilling at the PSC.

Rig 253 is a 1,500-HP rig with Top Drive.

Cooper said that the Kurnia-1 exploration well spud would commence July 1, 2007.

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.

SMEC, in which Cooper has stake, is the operator of South Madura PSC with 30 percent interest. Nations Petroleum has 60 percent and the remaining 10 percent is owned by local firm PT Eksindo.(alex)