Medco, CityView say oil potential in Karasan 1 prospect in East Java could reach 6.5 MBO
Tuesday, December 4 2001 - 08:58 AM WIB
Australian listed oil explorer CityView Corporation Limited said on Tuesday that its joint venture partner Medco Energi International estimated the potential oil and gas in Karasan 1 prospect in Madura exploration block, East Java could reach up to 6.5 million barrels of oil and 389 billion cubic feet of natural gas.
Medco plan to drill Karasan 1 prospect following the completion of Sebaya 1 well drilling, which is located in the same block.
?The proposed well will be drilled to a depth of 1,250 meters to test a 2,000 - 3,000 acre structure at the Prupuh limestone level. Seismic data gives strong indications that the feature is probably a reef build-up analogous to the Mudi reef discovery in east Java (40 millions barrels of oil),? said CityView in a statement.
CityView has 25 percent free carried interest in Madura exploration block, while Medco, the operator controls the remaining balance. (alex/robert)