Equatorial?s Indonesian crude production up in Q3 2001

Canadian junior oil firm Equatorial Energy Inc. announced on Friday that its Indonesian crude production during the third quarter of this year increased 14 percent to 7,416 barrels of oil per day (BOPD).

According to Equatorial, to date, the drilling of 32 wells in Sembakung technical assistance contract (TAC) area in East Kalimantan had resulted in 25 oil wells, 1 suspended well and 7 non-productive wells, amounting to a 78 percent success rate. Seventeen wells have been drilled since the end of the previous quarter.

?The company will drill continuously throughout 2002 at Sembakung as three-dimensional seismic data has shown the possibility of 50 to 80 million barrels of oil on an exploration prospect on the south end of the property,? said the company in its quarterly report.

The company said during the first 9 months, it had spent C$ 21 million in capital expenditure in Sembakung TAC. The company planned to spend $ 34 million in 2002.

Equatorial is the operator of Sembakung TAC block with 80 percent participating interest. (alex)