IEV Holdings spudding one well in Pabauran
Monday, May 9 2016 - 03:50 PM WIB
SGX-listed IEV Holdings Limited announced that it has spud the CLS-1 well on April 18, 2016 marking the commencement of the workover campaign of the two wells CLS-1 and CLS-1TW in Cilamaya Structure of the Pabuaran KSO block, onshore West Java.
The workover campaign at CLS-1TW and CLS-1 wells officially started on April 18 April after all equipment was mobilized, inspected and tested, the firm said in its first quarter report.
Barring any unforeseen circumstances, the workover campaign is expected to be completed within 60 days of the spud date followed by a gas reserve valuation.
This is a mandatory step for the plan of development for gas from Pabuaran Block.
The workover also focuses on preparing the CLS-1TW for oil production from multiple zones and water reinjection.
The group is also exploring a strategy for the vertical integration of its West Java gas operation to enhance its competitive advantage and diversify its customer base from industrial to power generation and transport sectors, taking advantage of the gas source from the KSO.
IEV is currently undertaking its first exploration and production activities for a 15- year concession period. The onshore project was awarded by Pertamina EP, a subsidiary of PT. Pertamina (PERSERO), for the Pabuaran Block on Feb. 16, 2012 through the Kerjasama Operasi (KSO) also known as the "Operation Cooperation" program. The block is located 90 km east of Jakarta in the Subang district, West Java, Indonesia with a total acreage of about 77.036 square km.?????????????
Editing by Johannes Simbolon