Kalrez Energy: Bula field update
Monday, November 6 2000 - 07:30 AM WIB
* Kalrez shipped 49,954 barrels of oil from its Bula Oil Field in the month of October.
* The price received by Kalrez for oil shipped was US$30.71 per barrel amounting to US$1,534,087 (approximately A$2,950,000) for the shipment. Payment for the shipment is expected to be received later this month.
* Daily production at Bula continues uninterrupted and in accordance with forecast schedules.
Kalrez acquired Bula Oilfield on 30/4/99 through the purchase of all the shares in Santos Petroleum (Seram) Limited. The field is located on the northeast coast of Seram Island in Eastern Indonesia. The Bula block covers an area of 35 sq km to a subsea depth of 600 metres. Production from the field commenced as early as 1896 and continues today at approximately 650 barrels of oil per day (BOPD). Cumulative production is in excess of 18 million barrels of oil (MMBO).(*)