Lion reports slightly higher production from Seram
Friday, April 26 2013 - 04:46 AM WIB
ASX-listed energy firm Lion Energy announced on Friday that crude oil production from the Seram (Non Bula) PSC on Seram Island, Maluku Province in the first quarter was 208,836 barrels, compared to 209,809 for the previous quarter, at a daily average of 2,320 bopd, up slightly from 2,280 bopd the previous quarter.
Lion, through its wholly owned subsidiary Lion International Investment Limited, holds a 2.5 percent contractor equity in the Seram (Non Bula) block.
The major equity holder and operator of the joint venture is CITIC Seram Energy Limited (51 percent). Other partners include KUFPEC (Indonesia) Limited (30 percent) and Gulf Petroleum Investment (16.5 percent).
The block contains the Oseil oilfield and surrounding structures which have since initial field start-up in January 2003, produced cumulative crude oil production of 11,370,628 barrels as at 31 March 2013 accompanied by 6.175 BCF of natural gas, most of which is utilized to generate electricity on site for the operations. .
Further development drilling during the remainder of 2013 is projected by the operator to result in production rates above 3,000 bopd by year end.
Editing by Dadan Wijaksana