Novus reports increase in E. Java gas production

Australian oil, gas company Novus Petroleum Limited reported on Tuesday that natural gas production from Brantas PSC, East Java, continued to increased for seventh consecutive quarters with average production of 53 million cubic feet per day (MMCFD) during the third quarter of 2003, compared to average production of 45 MMCFD in the previous quarter.

The company said further development drilling on Wunut field and expansion of existing facilities is expected to recommence in near term following the signing in July of ?Principles of Gas Sales Agreement? with state gas distribution firm PGN for sales of up to 80 MMCFD on a reasonable endeavors basis until the end of 2007.

Novus has 50 percent interest in Brantas PSC, with the balance held by operator Lapindo Brantas Inc.

The company also said during the third quarter, gross crude producion from Kakap PSC offshore West Natuna, where the company has 25 percent working interest reached 8,700 barrels per day (BPD) and 61.2 MMCFD, compared to previous quarter?s production of 8,930 BPD and 54.4 MMCFD. (alex)