Novus? W. Natuna gas production sharply increased in Q2, exploration drilling set to resume

Australian listed oil and gas company Novus Petroleum Limited said Thursday that net production for Novus for the second quarter in Kakap production sharing contract area in West Natuna stood at 3,164 barrel of oil per day (bod) and 7.0 million standard cubic feet (mmcfd), compared to 3,217 bpd and 0.8 mmcfd in the previous quarter

According to Novus, following the commencement of first gas sales to Singapore in March 2001, Kakap sold an average of 28 mmcfd (gross), with peak production of 85 mmcfd.

Future production is expected to average between 55-60 mmcfd (gross). The 22-year gas sales contract to Singapore, including take-or-pay provisions, came into effect in July 2001.

With the gas scheme now complete and commissioned, said Novus, exploration activity is set to resume in the second half of this year.

Exploration drilling was suspended during the high capital expenditure phase of the West Natuna Gas Project.

Two exploration wells are programmed for second half of this year; KF NW-1X is an oil exploration well, whilst the second well, KF SE-1X is primarily targeting gas. Both prospects were identified by 3D seismic.

Novus holds 25 percent working interest in Kakap PSC, while Gulf Indonesia Resources, the PSC operator holds 31.25 percent working interest. Premier Oil, Louisiana Land & Exploration, Pertamina hold 18.75 percent, 15 percent and 10 percent working interest, respectively. (alex)