Giken: Oil output at C. Java fields jumps to 1,070 bpd

By Romel S. Gurky

SGX-listed manufacturing firm Giken Sakata (S) Limited announced Monday that oil production at the Dandangilo-Wonocolo and Tungkul oil fields in Central Java operated by recently acquired subsidiary PT Cepu Sakti Energy (CSE) as of end of November 2014 has jumped to approximately 1,070 bpd from 670 bpd at the end of June and 880 bpd end of September.

?Oil production from the Dandangilo-Wonocolo and Tungkul Oil Fields has now increased to approximately 1,070 barrels per day as of end November 2014,? the company said in a statement.

Giken acquired a 51 percent stake in Cepu Sakti Energy Pte Ltd, which owns 95 percent of CSE, in September. Aside from the aforementioned oil fields, CSE also has entered into two cooperation agreement called Trembul and Gabus agreements to operate dozens of old oil wells in Central Java under five-year contracts, extendable for another five years.

Editing by Reiner Simanjuntak