GFI reports Glagah-Kambuna reserves estimate

Calgary-based oil, gas firm GFI Oil & Gas Corporation reported on Tuesday that its net share of proved and probable reserves for the Kambuna TAC, offshore North Sumatra, is estimated at 25.7 billion cubic feet of gas and 1.8 million barrels of condensate.

The company said the figure was based on an independent engineering reserve estimate as at June 30, 2007.

The company has 35 percent in the block, with operator Serica Energy holding the remaining balance

The company said a 450 kilometre 3-D seismic survey was completed to confirm the size of the Kambuna Field and to evaluate several other exploration and development leads. In addition, a seismic inversion and other attribute work has been completed on the 3-D seismic volumes, which revealed other development opportunities and a number of new exploratory leads on the block.

Serica is in final talks to sell gas production from Glagah-Kambuna to Pertamina?s gas distribution arm PT.Pertagas. Pertagas will offtake Serica?s 50MMCFD production starting 2008. (alex)