Medco, partners encounter gas shows in E. Java exploration block
Tuesday, January 22 2002 - 05:01 AM WIB
Australian firm CityView Corporation Limited said on Tuesday that PT Medco Energi Internasional Tbk., the operator of Madura exploration block in East Java had encountered gas shows in Karasan-1 exploration well, which had been drilled to 1,106 feet.
CityView said Medco estimated the prospect contains 163 billion cubic feet of recoverable gas and 7.7 million barrels of recoverable oil with a 50 percent success rate.
State oil and gas firm Pertamina has 35 percent interest in Madura JOB, while CityView, Medco and Falcon Oil Pte. Ltd holds 16.25 percent, 24.75 percent and 24 percent, respectively.
CityView is free carried by Medco throughout the drilling of this well and has a gross 25 percent interest in all production there-from.(alex)