Equatorial?s Indonesia crude production up in 2001, plans more drilling
Wednesday, March 27 2002 - 05:06 PM WIB
Equatorial Energy is the operator of Sembakung Technical Assistance Contract (TAC) oil block onshore East Kalimantan with 80 percent participating interest.
The company said production gains were primarily related to the successful drilling, where the drilling of 37 wells resulted in 30 oil wells and 7 non-productive wells, amounting to an 81 percent success rate.
The company said 2001 capital expenditure budget was approximately C$50,000,000. Actual capital expenditures were $17,303,000 in Canada and $29,894,000 in Indonesia, for a total of $47,197,000.
?The capital expenditure budget for 2002 is $50,000,000, however the amount is not fixed and may be amended depending on opportunities and capital availability,? said the company.
Equatorial also plans continuous drilling at Sembakung TAC during 2002 where drilling on Pad 6 was commenced in early March and SBK29 has reached total depth and has been cased as an oil well.
The company plans to drill one more well on Pad 6 and then move the rig to Pad 5 to test a previously undrilled structure, that if successful will add material reserves and production. (alex)