Kalrez' Indonesian crude production down in April-June quarter

Australian oil and gas company Kalrez Energy Limited said Tuesday that during April-June quarter, oil production from the Bula production-sharing contract (PSC) in Maluku was 47,637 barrels of oil, slightly lower than last quarter?s production of 48,635 barrels of oil.

According to the company?s fourth quarter activities report, Kalrez shipped and sold 47,755 barrels of oil during the quarter at a price of US$24.81 per barrel, resulting in revenue of US$1,166,363 while a further shipment of 40,000 barrels of oil was shipped on late July 2001 with payment due in August 2001.

?The Bula field operated profitably during the quarter and continues to do so. Production continues in line with projected decline forecasts,? said the report.

The company also announced that development drilling on well 72K-4 was completed, making the well as an oil producer.

According to the company, further drilling in Bula will commence on the second well in its development drilling program 17K-2.

Kalrez is the operator and 100 percent participant in Bula PSC.

Kalrez plans to drill 15 wells in financial year 2001-2002, using PT Prima Jasa Energi Rig# 482.

Meanwhile, in Seram PSC where Kalrez owns 2.5 percent interest, the company said that during the quarter construction of the production facility to process and ship Oseil crude oil from the Oseil discovery continued.

According to the company, first oil is expected to be produced in the second quarter of 2002.

The block is operated by Kufpec, a subsidiary of the Kuwait Petroleum Exploration Co. (alex)