Medco to spud another E. Java exploration well in March

Australian listed oil company CityView Corporation Limited said Monday that its joint venture partner and the operator of Madura joint operation block (JOB) onshore Madura, East Java, PT Medco Energi International, is scheduled to spud-in the Telaga well in the first week of March.

The Telaga well was planned to drill at a total depth of 10,200 feet.

?Medco has mobilized 50 percent of the rig and drilling equipment from Tembuku well,? CityView said in a statement adding that the operator was considering performing the test on the Telaga well with a smaller rig.

Meanwhile for Tembuku well, CityView said the operator was currently locating a 600 HP rig in order to continue with acid stimulation program and re-testing on the zone.

The Tembuku well was drilled to the depth of 6,890 feet.

Madura JOB is located in East Java province. Recently, the exploration license of the block has been extended for one year to May 15, 2004.

State oil and gas firm Pertamina has a 35-percent interest in the block, while CityView, Medco, and Falcon Oil Pte. Ltd hold 16.25 percent, 24.75 percent and 24 percent, respectively. (robert)