Medco starts E. Java drilling
Tuesday, January 15 2002 - 03:20 AM WIB
Australian firm CityView Corporation Limited said on Monday that operator of Madura joint operating body (JOB)exploration block in East Java PT Medco Energi Internasional TBK, had started drilling of Karasan-1 exploration well in January 12, 2002.
CityView said Medco had run 20 inches casing and plans to drill to a depth of 4,600 feet.
Medco estimates that 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)