PEARL Energy reports operational update for Q4 2005
Friday, January 6 2006 - 10:24 AM WIB
PRODUCTION | ? |
Field/PSC (INDONESIA) |
Average production net to PEARL in Q4 05 (barrels of oil per day) |
Salawati Island |
1,396 |
Salawati Basin |
2,260 |
Mengoepeh |
1,554 |
TOTAL |
12,413 |
Salawati Island (PEARL working interest 37.4%)
? The successful Anak-1 exploration well, which was drilled to a depth of 10,388 feet in the third quarter, was placed on production at an initial rate of 319 barrels of oil per day (bopd).
? The Argo-1 exploration well was drilled to a total depth of 9,860 feet and tested. The well produced at a test rate of 113 bopd. It will be completed with a pump and placed on line pending approval from BPMigas.
? The SWO-10 development well produced an initial rate of 1,100 bopd without water.
? The Matoa-37 development well tested 660 bopd and was being completed for production at year end.
? The operator has informed PEARL that the offshore TBA oil field development is expected to commence production in the first half of 2006 following procurement of mobile production and storage facilities.
Salawati Basin (PEARL working interest 34.064%)
? The Klawati-1 exploration well tested water and has been temporarily suspended pending further evaluation.
? The North Arar-1 exploration well was drilling at 9,366 feet with a programmed total depth of 9,758 feet.
? The Klagele-1 exploration well was drilling at 6,328 feet total depth with a programmed total depth of 6,900 feet.
? The Kasmin Barat-11 development well began production at more than 500 bopd. Two other completed development wells began production at a combined rate of 250 bopd.
Tungkal (PEARL working interest 70%)
? Production at the Mengoepeh oil field reached an all-time high at 2,762 bopd and rates are expected to increase further as the full scale production facilities are completed in early 2006.
? The second phase of Mengoepeh development drilling began in Q4 05 with the completion of six new wells, bringing the total number of production wells to 12 with one more remaining to be drilled in January 2006.
Sebuku (PEARL working interest 50%)
? The Shelf Explorer jack-up rig was secured for a 3-well drilling program comprising one appraisal well on the Makassar Straits gas prospect and two exploration wells.
West Salawati (PEARL working interest 50.01%)
? Reprocessing of legacy seismic data has been completed. A seismic base camp on Salawati Island has been constructed and a tender issued for a 3D onshore seismic acquisition program due to commence in the first half of 2006.
Bulu (PEARL working interest 85%)
? A tender for a 2,000 km offshore 2D seismic program was completed and acquisition is expected to commence in January 2006. (end of report)