Equatorial Energy to drill 14 wells in Indonesian blocks H2
Tuesday, August 20 2002 - 12:32 AM WIB
Calgary based oil company Equatorial Energy Inc. said on Monday that it planned to drill another 11 wells in Tanjung Lontar technical assistance contract (TAC) in South Sumatra and three others in Sembakung TAC, East Kalimantan.
The company said to the end of July this year, it had drilled 4 wells in Sembakung resulting in two oil wells, and two dry holes, one of which is being tested as a water source for pressure maintenance. The SBK 29 well came on-stream in June at a rate of over 1,000 barrels per day.
Production, which averaged 1,597 BPD on a net basis for the second quarter of 2002, was down 15 percent compared to the 2001 period, said the company.
It said in the third quarter production in Indonesia on a net basis is expected to be around 2,000 BPD and production is expected to be doubled by year-end. (alex)