Medco, partners to spud East Java Karasan-1 well

Australian firm CityView Corporation Limited announced Wednesday that PT Medco Energi Internasional TBK, the operator of Madura joint operating body (JOB) exploration block in East Java is scheduled to spud on January 10, 2002.

CityView said Medco anticipated that it should take approximately 30 days to reach the initial target depth of 3,937 feet. Medco is considering deepening the well to 4,600 feet, which could take an extra 20 days.

CityView also said that Medco planned to re-enter Sebaya-1 well in Madura JOB mid-year using equipment capable of withstanding the gas pressures encountered during completion of its last program.

CityView is free carried by Medco throughout the drilling of this well and has a gross 25 percent interest in all production there-from.

State oil and gas firm Pertamina has 35 percent interest in Madura JOB, while CityView, Medco and Falcon Oil Pte. Ltd hold 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/robert)