Medco? Matra field reserves 14 million barrels

JSX listed oil company PT Medco Energi International Tbk said Gaffney, Clines & Associates Pte, Ltd (GCA) had certified the proved reserves for Matra field is 14 million barrels of oil (MMBO) and the 3P (Proved plus Probable plus Possible) reserves is 380 MMBO.

Matra field is located in South Sumatra Extension Block, a 100 percent working interest owned by Medco.

Medco said it had drilled Matra-1, 2, 3, and Jata-1 wells in the field. The first three wells are the oil discoveries, while the Jata-1 well is a gas discovery.

?The Jata well is located in the area designated by GCA as 'possible' oil reserves. It is structurally the highest well in the area, which will improve the probability of oil in the area between Matra and the Jata well,? Medco said in the first quarter 2002 report.

Medco said further it had planned to drill Jata-2, which has believes that by drilling from the same location pad to the southeast, it will prove up the underlying oil associated with the gas cap. (robert)