Kalrez receives first payment for Oseil crude lifting

Australian listed oil firm Kalrez Energy Limited reported that it had received initial payment of nearly US$116,500 for crude oil lifting from Oseil field in Maluku, which had been completed in early February of this year.

?This is the first payment received by Kalrez from the Seram Joint Venture and heralds the commencement of regular and ongoing revenue from the Oseil oil field during its production life,? Kalrez said in a statement.

Production from the Oseil oilfield commenced on December 30, 2002, with processing taking place through a Temporary Production System (TPS) nominally rated to approximately 12,000 barrels per day throughput.

Kalrez expects the permanent facilities to be available in May 2003.

The company further said another two liftings had been completed on March 4, 2003 and April 6, 2003. The fourth tanker commenced loading on April 8, 2003.

Kalrez Energy Limited is a 2.5 percent shareholder in the Seram Joint Venture in Maluku province that operates the Oseil oilfield. The major shareholder, and Operator of the JV, is KUFPEC (Indonesia) Limited of Kuwait with 97.5 percent. (robert)