Kalrez ships oil production from Bula PSC

Australian listed oil firm Kalrez Energy Limited said Tuesday it had loaded 55,386 barrels of oil on Monday from its Bula PSC Block in Maluku province.

Kalrez is 100 percent interest holder and operator of the block.

Kalrez said the proceeds from this lifting would not be determined until early in January as a result of a pricing mechanism that utilizes an average price of oil through the month of December.

?It is currently anticipated that we will receive an oil price for this lifting of over US$24 per barrel, resulting in net revenue to the company, after freight and royalties of greater than US$990,000,? Kalrez said in a statement.

The company said the receipt of these funds in early February will allow to pay current outstanding cash calls to its joint venture partner in Seram Block, Kufpec (Indonesia) Limited.

The joint venture would anticipate to commence oil flows from the Oseil oilfield on the 25 December 2002, Kalrez added.

Oseil field is located in Seram Block which also in Maluku province. Kufpec holds 97.5 percent working interest in the block, while Kalrez holds the remaining 2.5 percent. (robert)