KrisEnergy submits PoD for Lengo gas field
Thursday, August 14 2014 - 04:12 AM WIB
SGX-listed KrisEnergy Ltd said that it has submitted a plan of development (PoD) for the Lengo gas field in the Bulu PSC, offshore East Java.
?Development at the Lengo gas field offshore East Java in the Bulu PSC is progressing. We submitted the Plan of Development in July 2014 and have executed a memorandum of understanding with a potential off-taker for Lengo gas sales,? the company said in a first-half financial & operational report Thursday.
?These events mark a considerable advance in the commercialization of Lengo gas and in our gas aggregation plans in the East Java Sea, which include the nearby East Muriah and Sakti PSCs,? it said, adding that the company is expected to declare FID shortly on two gas projects in Indonesia.
Operator KrisEnergy holds a 42.5 percent interest in the block with Australian firm AWE also holding the same percentage. The balance is held by two local firms Satria Energindo (10 percent) and Satria Wijayakusuma (5 percent).
KrisEnergy announced in March that drilling of the Lengo-2 appraisal well resulted in a 58 percent uplift in its best estimate contingent resources (2C) in the Bulu PSC to 25.40 million of barrels of oil equivalent (mmboe).
The Lengo field is expected to produce 70 mmcfd of gas it comes on stream in 2016, upstream oil and gas authority SKK Migas has previously said.
Editing by Reiner Simanjuntak