Medco, Cityview to drill three wells in E. Java PSCs

Australian listed oil and gas company CityView Corporation Limited announced Wednesday that it had received notice from PT Medco Energi Corporation, the operator of the Simenggaris and Madura production sharing contract (PSC) Blocks in East Java, that it would award the contract for the dredging of the approach channel at Pidawan in the Simenggaris Block next week.

According to the company?s statement, dredging will be to a depth of 3-4 meters, a width of 40 meters and a length of approximately 660 meters. Upon completion of the dredging, the drilling of the well at Pidawan can commence immediately.

The company said site preparations for the drilling of the well at Sebaya in the Madura Block had been completed. Medco will dispatch its rig to the Sebaya site as soon as the land acquisition program has been finalized for the drilling of the second well in the Madura Block at Karasan.

CityView has a 25 percent interest in both the Madura (674,100 acres) and Simenggaris (675,582 acres) Blocks. All drilling and development work presently being undertaken by Medco is at no cost to CityView.

CityView is an independent energy company focused on Southeast Asia with prospects in Indonesia and off shore Philippines.

The Company's largest shareholder is Malaysia Mining Corporation Berhad, a leading global natural resources company. (*)