Kufpec, partner to drill Lola Kecil prospect in March

Kuwait Foreign Petroleum Exploration Co. (Kufpec), the operator of Seram (Non-Bula) production sharing contract (PSC) in Seram island, Makulu is scheduled to drill Lola Kecil prospect in March 2002, according to partner Kalrez Energy Limited.

Lola kecil is located between to the Oseil oilfield that is currently being developed by Kufpec and Kalrez and the Bula oilfields operated by Kalrez.

The well is targeting the same Manusela Carbonate that is productive in the Oseil oilfield and is potentially similar in size to Oseil, with recoverable reserves of 46 million barrels of oil. Total well depth is prognosed at 1,573 meters.

The operator Kufpec has predicted Geological Probability of Success at 47 percent.

A discovery by this well could be introduced to the Oseil Main Production Facility at very minimal cost and result in very profitable early production revenue, said Kalrez in a statement to Australian Stock Exchange released Friday.

Kufpec holds 97.5 percent interest in Seram(Non Bula) PSC, while Kalrez holds a 2.5 percent interest. (alex)