IEV Pabuaran KSO commences work-over of PBN-01 Well
Friday, February 21 2014 - 01:52 PM WIB
Malaysian firm IEV Holdings Limited announced on Friday that it will commence work-over activities at the existing well (PBN-01) at the Pabuaran Block, West Java (the KSO Project) in February 2014.
The work-over activities follow the recent well site preparation and will take approximately fourteen (14) days to complete. During the work-over activities, the well will be tested for reserves calculations and production flow rate to allow the firm to prepare the necessary surface facilities to bring the well to production. The firm has also completed the reprocessing of seismic data.
The results of the study have potentially identified additional areas and structures the firm can explore within the KSO Project. Until production test results are available and commercial production commences, the KSO Project is not expected to have any impact on the firm?s earnings per share and net tangible assets per share for the current financial year ending Dec. 31, 2014.
The group also plans to commence a drilling program at CLS structure in 2014 and further announcements will be made as drilling schedule is confirmed.
Editing by Johannes Simbolon