IEV mobilizes rig to spud CLS-1 twin well
Friday, November 14 2014 - 02:00 AM WIB
SGX-listed IEV Holdings Limited is scheduled to mobilize a 1000 horse power (HP) rig this month to project site to commence the phase 1 spud from the CLS-1 twin well (CLS-1 TW) in Pabuaran Block, West Java.
?Barring any unforeseen circumstances, the group expects the drilling and production test plan at CLS-1 TW to be completed within six (6) weeks from commencement,? the company said in a third quarter report released Thursday.
The CLS-1 TW was originally slated for spud in October but was delayed by a month due to the group?s decision to mobilize a 1000 HP rig as opposed to the 750 HP rig. ?The group will focus its work program in the Cilamaya South structure where multiple formations have been identified and potential recoverable hydrocarbons may be greater than those in the Pabuaran structure, as shown in a recent asset valuation study,? it added.
In line with the above works, IEV said it has appointed Senergy Oil & Gas (Singapore) Pte. Ltd. (LR Senergy), a member of Lloyds Register, to prepare the Independent Qualified Person Report (IQPR) for the Pabuaran KSO in accordance with the relevant SGX-ST Catalist Rules Mineral Oil and Gas (MOG) guidelines. LR Senergy will prepare the IQPR based on existing data, geosciences, engineering and economic interpretations and actual well site data from the production tests of CLS-1 TW. The IQPR is scheduled for completion by the first quarter of 2015 and the group will publish the findings of the report in a separate announcement.
Elsewhere, IEV sad it plans to continue to negotiate land acquisition terms for the additional two (2) wells in Phase 2 of the KSO Project and tendering works for the site work program are in progress.
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 Indonesian state-owned oil and gas firm PT Pertamina, for the Pabuaran Block on 16 February 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 Reiner Simanjuntak