Pertamina awards oil field contracts to Cooper Energy

ASX-listed firm Cooper Energy announced on Thursday that it has been awarded a contract by state-owned oil gas firm PT. PERTAMINA to operate and develop the Sukananti, Tangai and Bunian Oil Fields (Sukananti KSO) in onshore South Sumatra.

?Cooper Energy?s winning program consists of a signature bonus of US$861,888, 24 km2 of 3D seismic, a new development well, 3 well workovers and infrastructure upgrades. The expected total cost of the program over three years is $6.8 million (100% Joint Venture),? the company said.

The Bunian Oil Field is currently producing at 60 barrels of oil per day through a single well. The Tangai Oil Field was producing through four wells and the Sukananti Oil Field was producing through a single well but these are now shut-in awaiting wellbore remediation and workover, it said.

Cooper Energy is looking forward to more fully developing the oil fields and recovering an additional 1.0 million barrels (P50) of oil. In addition to the development potential, there is exploration and appraisal potential within the block, which will be assessed as part of the work program.

Cooper Energy?s Managing Director, Michael Scott said ?The award of the Sukananti contract is a positive step in our growth aspirations in Indonesia and we are looking forward to efficiently and effectively developing these oil fields and generating our first overseas production revenue. We are hoping that demonstration of our operational competence in the development of these oil fields will open up additional attractive development opportunities for us in Indonesia.?

According to Cooper, the three oil fields in the Sukananti KSO have produced 1.08 million barrels of oil to date.

Cooper Energy?s 10 percent joint venture participant partner in the oil fields is Mega Adhyaksa Pratama (MAP). MAP is a private Indonesian company that worked closely with Cooper Energy to identify and secure the opportunity. (kanti)