IEV Pabuaran KSO to proceed with new development well, workover of existing well
Tuesday, April 23 2013 - 05:06 AM WIB
SGX-listed firm IEV Holdings Limited announced on Monday that it has received written approval from PT Pertamina EP on April 18, 2013 to proceed with a new development well and work-over of an existing well on two structures in Pabuaran Operation Cooperation Agreement (KSO).
The firm also received an approval from Pertamina for the reprocessing of seismic data to further evaluate the potential resources of the KSO project, it said in a statement.
?With this approval, our team in PT. IEV Pabuaran KSO will commence the tender processes to procure the necessary materials and services, ? said President and CEO Christopher Do.
It added that, barring any unforeseen circumstances, the fieldwork is expected to commence in 3Q, 2013 and complete in 4Q, 2013, to be followed by production testing for oil and natural gas flow.
Editing by Dadan Wijaksana