Matrix?s Langsa offshore TAC produces 288,954 barrels of oil in Jan-March quarter

Australian oil company Matrix Oil NL said on Wednesday that during January-March quarter, Langsa technical assistance contract offshore North Sumatra produced a total of 288,954 barrels of oil with a net 214,982 barrels of oil to Matrix.

Matrix said it was still it in discussions with several parties to develop a financing package to fund the work-over and re-entry of the L1 well, which was shut-in during

January 2002 following the earlier detection of a leak of hydraulic fluid in the control line to the sub-sea production system.

Negotiations are also continuing with major creditors and financiers for the rescheduling of existing liabilities, on the basis that current and future payables will be converted into longer term debt to be repaid from oil revenues, upon the resumption of full production at the Langsa TAC, said Matrix.

Matrix, the Langsa TAC operator, has 90 percent working interest in the block. (alex)