Equatorial Energy: progress report in Indonesia
Tuesday, August 22 2000 - 01:30 AM WIB
Marshall Abbott, CEO of Equatorial reported in a press statement yesterday that drilling activities in Indonesia are ongoing and have resulted in increased production on both concessions.
At Tanjung Lontar the Company has an unblemished record of 7 oil wells and 1 gas well for the first six months of 2000. Production from this concession has reached a high of over 1700 Bopd in August and there will be at least 15 wells drilled in the second half of the year. These results are well beyond expectations and will produce record production and cash flows.
At Sembakung three wells were drilled during the first half of the year. Initial drilling challenges have been overcome and the two wells drilled since June 30 has been completed in less than a month each. Current production is over 4,000 Bopd. A 3D seismic survey will be shot and interpreted, and six wells will be drilled during the last half of the year.
Equatorial Energy Inc. is a Calgary based independent junior oil and gas company engaged in the acquisition, exploration and development of petroleum and natural gas in western Canada and Indonesia. Equatorial trades on the Toronto Stock Exchange under the symbol "OZ''. (--Alex Ginting--)