M3nergy to spend $60m on newly acquired block

Malaysian firm M3nergy Berhad said on Monday it would spend up to US$60 million for the next six years to explore its newly awarded Indonesian exploration block.

Ministry of Energy and Mineral Resources last week selected M3nergy as the successful bidder for the Ujung Kulon, On/Offshore West Java.

?Based on initial assessment of the block, there is substantial oil in place ranging from 300 to 400 million barrels of oil. Further seismic survey and drilling work will be carried out to assess the recoverable reserves of the block,? the company said. (alex)