Lundin Petroleum Q2 Indonesian activities
Thursday, August 14 2003 - 07:33 AM WIB
OPERATIONS
Banyumas (Central Java): A new 490 km seismic programme has been successfully completed. Processing of the newly acquired seismic is ongoing.
Blora (Central Java): a 50 km 2D seismic programme was successfully completed. Processing is ongoing.
Lematang (South Sumatra): It is likely that Banteng, a large gas prospect with most likely gas reserves of over 500 billion cubic feet will be drilled later in 2003. Negotiations continue in relation to the completion of a gas sales agreement, which will enable the development of the Singa gas discovery.
Salawati Island & Basin (Papua): a 12 well infill development well program in Salawati Basin and further development drilling in Salawati Island (Matoa field) is ongoing. In parallel, during the second quarter of this year, 3D seismic acquisition started in the Salawati Island with over 70 percent of the programme completed. Three separate 3D seismic programs will be acquired this year and in the beginning of next year in the Salawati Island and Basin.
A minority interest in Salawati Island and Basin was purchased from American Energy and Ross Energy bringing Lundin?s new working interest to 25.936 percent (Salawati Basin) and 14.409 percent (Salawati Island).
RESULT AND CASH FLOW
Oil sales for the half year ended 30 June 2003 amounted to MSEK 98.7 (MSEK nil) and MSEK 29.1 (MSEK nil) for the second quarter of 2003. Production from Indonesia amounted to 449,604 barrels of oil equivalent (BOE) or 2,484 BOE per day for the half year ended 30 June 2003. The average price achieved for the sales amounted to USD 29.04 per barrel for the half year ended 30 June 2003.
Lundin's Indonesian assets consist of non-operated production from fields within the Salawati Basin PSC (25.936 percent) and Salawati Island join operating body (14.409 percent), which are operated by PetroChina.
Lundin operates Banyumas PSC (50 percent), Blora PSC (40 percent), Sareba PSC in Papua (100 percent). In Lematang PSC, which is operated by PT Medco Energi International, Lundin has a 15 percent of working interest. (robert)