Matrix seeks to partially farm-out N. Sumatra exploration blocks
Monday, May 6 2002 - 05:29 AM WIB
Matrix is the operator of both blocks and has 90 percent working interest in Glagah-Kambuna TAC and 75 percent in Asahan PSC.
The Glagah-Kambuna TAC which is centrally located within the Asahan Offshore Production Sharing Contract (PSC) covers an area of 350 square kilometers and is located approximately 20 kilometers offshore from Pertamina's main onshore producing fields in North Sumatra.
The Glagah-Kambuna TAC contains two oil/gas/condensate discoveries completed in the mid 1980's by previous operators, namely Glagah #1 drilled by Caltex in 1985 and Kambuna #1 drilled by Bow Valley in 1986.
Estimates of proven and probable reserves by independent third party consultants acting for previous operators of the contract area calculated the recoverable reserves in the Kambuna gas/condensate discovery to be 60 billion cubic feet of gas and 24 million barrels of condensate.
The Asahan Offshore PSC is located in the southeastern part of North Sumatra Basin, which has been producing oil and gas from its onshore areas for more than 100 years. The company said to date, it had recognized and mapped at least 25 leads and drillable prospects in the Asahan Offshore PSC area and regards the acreage as being highly attractive for the discovery of significant oil and gas/condensate reserves.
As the first step in its exploration of the contract area, the Company drilled the West Kambuna #1 exploration well in November/December 2001. The wildcat well was located in 106 feet of water, some 3.5 kilometers west-southwest of the Kambuna #1 gas/condensate discovery well in the adjacent Glagah Kambuna TAC.
Matrix said an independent due diligence review of the Kambuna/West Kambuna gas accumulation conducted by Perth based Troy-Ikoda has calculated gas in-place figures for the accumulation as ranging from 580 billion cubic feet (P50 or 50 percent probability) to 4.5 trillion cubic feet (P10 or 10 percent probability).(alex)