Medco to spud Sebaya-1 well offshore E. Java on Sep. 19

Australian listed oil and gas explorer CityView Corporation Limited said Tuesday its joint venture partner local oil and gas firm PT Medco Energi Internasional Tbk. ("Medco") would spud Sebaya-1 well in Madura Block offshore East Java on September 19,2001.

According to Cityview?s report, the total depth of the well will be 1230 meters below sea level and will target two zones: the Tawun sands at 200 meters and the Tuban sands at 900 meters. The structures are well defined and are adjacent to wells that have either tested or produced gas or oil.

Cityview said Medco estimated recoverable oil and gas reserves from Sebaya at 50 million barrels equivalent with a probability success rate of 22 percent.

The Madura Block lies in the prolific oil and gas East lava region and contains a number of attractive prospects for drilling, all at relatively shallow depths (of which Sebaya is the first to be tested).

CityView has a 25 percent interest in both the Madura Block and is being free carried by Medco throughout this work program. (alex)