Karasan-1 drilling in Madura JOB, E. Java reaches 1750 feet
Thursday, January 31 2002 - 10:30 AM WIB
Australian listed oil firm CityView Corporation Limited said on Thursday that its joint venture partner PT. Medco Energi International reported that drilling on Karasan-1 in Madura exploration block, East Java had reached a depth of 1750 feet.
According to CityView, the planned total depth for the well is 4600 feet.
CityView said Medco estimated the prospect contains 163 billion cubic feet of recoverable gas and 7.7 million barrels of recoverable oil with a 50 percent success rate.
State oil and gas firm Pertamina has 35 percent interest in Madura JOB, while CityView, Medco and Falcon Oil Pte. Ltd holds 16.25 percent, 24.75 percent and 24 percent, respectively.
CityView is free carried by Medco throughout the drilling of this well and has a gross 25 percent interest in all production there-from. (robert)