Novus spends A$9.78 million in Q4 2003
Tuesday, January 27 2004 - 05:54 AM WIB
Novus said of the fourth-quarter expenditure, A$1.35 million was spent for exploration, A$2.89 million for development and the remaining A$5.58 million to cover operating expenses.
Novus?s operations in Indonesia include a 50 percent interest in Brantas PSC in East Java, which consists of Wunut, Carat and Tanggulangin fields, and a 25 percent in Kakap PSC in West Natuna.
?Increases in Q403 (spending) relate to activity in Brantas associated with seismic acquisition and development of the Wunut area fields,? the company said. Novus recommenced development drilling in Wunut with the spudding of Wunut 7 last December.
Novus also said production at Wunut increased for the eighth consecutive quarter, peaking at 64 million standard cubic feet of gas per day (MMSCFD) and averaging 54 MMSCFD for the fourth quarter of 2003.
The company added that four additional development wells in Wunut were planned to be drilled in 2004.
Novus, together with the operator of Brantas, PT Lapindo Brantas, has secured an agreement with Indonesian state owned gas transmission and distribution company PT Perusahaan Gas Negara, for the suppply of up to 80 MMSCFD of gas through the end of 2007.
Meanwhile, Novus said its net production at Kakap for the fourth quarter of last year averaged 2,111 barrels of oil per day (BOPD) and 12.7 MMSCFD, compared to 2,174 BOPD and 15.3 MMSCFD in the previous quarter.
Kakap is committed to supplying SembGas, a Singaporean gas distributor, under a 27-year gas sales agreement starting 2001. The PSC, which is operated by Star Energy, contributed about 20 percent of the agreement?s total gas sales volume of 2.5 trillion cubic feet. (robert)