Pan Orient hopes to soon conclude East Jabung PSC farm-out
Thursday, May 29 2014 - 02:52 AM WIB
Canadian firm Pan Orient claimed it has made significant progress in the farm-out process of a 49 percent interest in the East Jabung PSC, and expects to conclude it soon.
?The company has received and evaluated farm-in proposals for the East Jabung PSC and is currently negotiating the farm-in and joint operating agreements,? Pan Orient said in a statement obtained Thursday.
The timing of an exploration well at East Jabung targeting the Anggun prospect will be directly dependent upon the timing of the intended farm-out and the completion of the road access to this remote well site, it said.
The Anggun prospect is interpreted as having a maximum structural closure of approximately 85 to 100 square km at three primary target levels.
The company said that at the East Jabung PSC, the last portion of an approximately 440 km 2D seismic program over the North lead has been completed. ?Processing and interpretation of this data is expected to be completed in July 2014.?
Pan Orient holds a 100 percent interest in the East Jabung PSC, located onshore Jambi. The company also holds a 77 percent interest in Batu Gajah PSC onshore Jambi, and 97 percent in Citarum PSC, onshore West Java.
The company has said that it was also seeking partners for exploration drilling at Batu Gajah PSC and Citarum PSC through farm-out arrangements. ?Discussions are continuing with potential farm-in partners for the Batu Gajah and Citarum PSCs,? the statement said.
Elsewhere, Pan Orient reiterated that at the Batu Gajah PSC, Pan Orient is currently in discussions with the Indonesian oil and gas regulator relating to unitization of the potential new field in the adjacent Lemang PSC, and is working towards the drilling of a well in the area in 2014 / 2015.
?Under an agreement with the operator of the Lemang PSC (Ramba Energy), Pan Orient has the rights to the portion of a recently acquired 3D seismic survey over the Selong-1 discovery that extended into POE's adjacent Batu Gajah PSC. Once received, this data will be used to optimally locate an appraisal well within Pan Orient's acreage.?
Ramba Energy has said that Selong and Akatara discoveries can produce 57,000 bpd of oil and 101mmcfd of gas at its peak on high case scenario and 1,1000 bpd and 26 mmcfd on low case scenario.
Editing by Reiner Simanjuntak