Kalrez?s Bula oilfield produces 46,991 barrels in Q1

Australian listed oil company Kalrez Energy Ltd said Wednesday that during the January-March quarter production from its Bula oilfield in Maluku province had reached 46,991 barrels of 23 API crude oil.

Kalrez said production in the quarter was managed at an average of 516 barrels per day (BPD) or slightly down from previous quarter of 523 BPD.

Bula oilfield is a part of Bula production sharing contract (PSC) on Seram Island. Production from the field commenced as early as 1896 and continues today from some 85 wells.

Kalrez further said crude oil lifted and sold in March from the field amounted to 50,174 barrels at a price of US$28.28 per barrel resulting in gross revenue of US$1,418,921.

?Net revenue of approximately US$1.2 million from the March Bula lifting is scheduled to be received early May,? Kalrez said in its quarterly report.

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