Kalrez?s Bula oil production records stable in Oct?Dec 2002

Australian listed oil company Kalrez Energy Limited said on Friday during Oct ? Dec quarter of 2002, production of 23 API crude oil from its Bula oilfield had reached 48,129 barrels, slightly up previous quarter of 47,981 barrels.

Kalrez said the output was managed at an average rate of 523 barrels per day.

The company said during the quarter it had secured gross revenue of US$ 1,622,046 from sales of 56,106 barrels at average price of US$ 29.12 per barrel.

Bula oilfield is apart of Bula production sharing contract (PSC), which is located on Seram Island, Maluku province.

According to Kalrez, the remaining recoverable reserves at Bula (as 31 January 2003) utilising a combination of decline and probabilistic analysis is as per the following table:

BULA BLOCK OILFIELD OIL RESERVES SUMMARY AS AT 31 DECEMBER 2002 ( ,000's BARRELS OF CRUDE OIL )
ORIGINAL IN PLACE	RECOVERABLE RESERVES			PRODUCTION 2002	CUMULATIVE PRODUCTION 31/12/02	REMAINING RECOVERABLE RESERVES
	PROVEN	PROBABLE	POSSIBLE
76,006	21,245	22,016	23,202	189	19,641	1,604

Kalrez is the operator with 100 percent of working interest in Bula PSC. (robert)