Paladin?s Indonesian production declines by 10% in H1 2004
Wednesday, September 8 2004 - 06:22 AM WIB
UK independent oil company Paladin Resources PLC reported Wednesday its Indonesian net entitlement production had declined by 10.5 percent to 4,925 barrels of oil equivalent per day (BOEPD) in the first half of 2004 from 5,503 BOEPD in the same period last year.
?The decrease from the same period last year was due to a combination of natural production decline and higher oil prices, which reduce the level of entitlement barrels reported,? Paladin said in a report to the London Stock Exchange.
Paladin?s Indonesian production was from the South East Sumatra production sharing contract (PSC) and the North West Java PSC areas, where the company holds 7.48 percent and 2.45 percent of working interest, respectively.
According to Paladin, its Indonesian currently accounts for 12 percent of total group production. (Robert)