Medco, partners to start E. Kalimantan exploration drilling late January

Australian firm CityView Limited said Wednesday that Medico Energi Internatsional, the operator of Simenggaris joint operating body (JOB) exloration block planned to spud Pidawan well late January this year.

According to CityView the rig is already in Pidawan awaiting the arrival of the barge. Medco, the block operator, plans to drill to 7,546 feet, which should be completed within thirty days.

CityView is free carried by Medco throughout the drilling of this well and has a gross 25 percent interest in all production there-from. After taking into account the 37.5 percent production share of the Government (Pertamina) the net interests of the joint venture partners in Simenggaris are: Pertamina 37.5 percent, CityView 15.625 percent, Medco Energi Internasional 31.875 percent and Falcon Oil Pte Ltd 15 percent. (alex/robert)