IEV mulls farm-out option to develop Pabuaran KSO
Tuesday, May 16 2017 - 01:32 AM WIB
SGX-listed IEV Holdings Limited said it was considering various options to finance continued work program at CLS-1TW well in Pabuaran KSO block, onshore West Java Province, including a possible farm-out of the block.
The company also said in a statement last week that a limited 3D seismic project is being planned to accurately determine the updip location of the hydrocarbon-bearing interval in Upper Cibulakan formation as well as to evaluate the resource level at the Talang Akang formation.
?This will be followed by the side tracking and possibly deepening of CLS-1TW to achieve a sustainable production volume,? the statement said.
IEV commenced production trial at CLS-1TW well in October of last year, but then suspended it in January of this year to prepare work program for a change of well completion, required for long-term production. The company also needs approval from Indonesia?s state-owned oil and gas firm Pertamina to proceed with the workover of the well.
The onshore project was awarded by PT Pertamina EP, a subsidiary of PT Pertamina, 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 Reiner Simanjuntak