Novus outlines Indonesian Q1 oil, gas production

Australian oil, gas company Novus Petroleum Limited reported Thursday that gross natural gas production from Brantas PSC in East Java reached 59 MMCFD in the first quarter of this year, higher than previous quarter production of 54 MMCFD.

Novus has 50 percent working interst in Brantas PSC, with the remaining 50 percent held by operator Lapindo Brantas.

Novus said the Brantas JV had completed drilling Wunut 6 and Wunut 7 development wells during the quarter. The company said three other appraisal/exploration wells are expected to be drilled later this year.

Novus also said production from Kakap PSC offshore West Natuna reached 2,257 BPD and 15.7 MMCFD (Novus net), compared to 2,111BPD and 12.7MMCFD in the previous quarter.

Novus said the improvement in Kakap production is a direct result of remedial work performed on the existing wells and the introduction of compression, which had help reduce the decline in existing production. In addition, said Novus, the demand for gas has been higher in the first quarter than budgeted. Kakap exports its gas production to Singapore via pipeline.

Novus holds 25 percent working interest in Kakap PSC. Other interest holders are opertor Star Energy (31.25 percent); Premier Oil (18.75 percent); Singapore Petroleum (15.0 percent); Pertamina (10 percent).

Novus has been subject to off-market take over bids by Indonesian company PT. Medco Energi International and Sunov Petroleum. (alex)