Medco, CityView say oil potential in Karasan-1 in East Java could reach 7.7 MBO (Update)

Australian listed oil explorer CityView Corporation Limited announced on Thursday its revised-program for the drilling of Karasan 1 prospect in Madura exploration block, East Java.

According to CityView, Medco will try to reach a depth of 6,400 feet and expects recoverable hydrocarbons to be 163 billion cubic feet of gas and 7.7 million barrels of oil (MBO) with a 50 percent estimated success rate.

Previously CityView had estimated that Karasan 1 prospect potential could reach of 6.5 MBO.

CityView has 25 percent free carried interest in Madura exploration block, while Medco, the operator controls the remaining balance. (robert)