IEV Pabauran KSO receives approval for workover

By Romel S. Gurky

SGX-listed IEV Holdings Limited announced on Friday that PT. IEV Pabuaran KSO (PT. IEV Pabuaran, a 95 percent-owned subsidiary of the group) has received the Approval for Expenditure (AFE) from PT Pertamina EP in relation to the work-over in the payzones of CLS-1 and CLS-1TW wells, Pabuaran KSO block, onshore West Java.

This follows the completion of the drilling and testing of the CLS-1TW wells where oil and gas bearing intervals were identified at a number of formations in Parigi and Upper Cibulakan, the company said.

The AFE will allow PT. IEV Pabuaran to proceed with the perforation of additional oil and gas bearings as well as water injection intervals and preparation of completion strings for subsequent production, from CLS-1TW and CLS-1 wells. Further production tests will also be carried out as part of the project plan to achieve optimal production strategies from the Cilamaya Structure. The combined value of the approved AFE is approximately US$1.4 million.

Barring any unforeseen circumstances, the work-over and installation of production facilities are scheduled to take place in September 2015.

Editing by Johannes Simbolon