Kalrez raises fund to retain participation in Seram oil project

Australian oil company Kalrez Energy Limited said on Friday it had raised the minimum subscription of A$2.5 million through new share placement to pay its Kuwaiti partner Kufpec Indonesia Limited to retain 2.5 percent interest in the Seram Joint Venture.

The company said it would continue to accept applications for shares until the closing date of the Prospectus of July 25 2002.

The first phase development of Oseil oilfield in Seram (Non-Bula) production sharing contract (PSC) is on schedule to deliver first oil in July 2002, gradually increasing to approximately 12,000 barrels of oil per day before end 2002. (alex)