Petroselat to drill 3 development wells this year
Monday, July 6 2015 - 01:24 AM WIB
Petroselat Ltd., subsidiary of IDX-listed PT Sugih Energy Tbk, will drill three development wells at the Selat Panjang PSC in Riau this year, according to an official of the firm.
?Currently we are already in the process of the final stage of rig tender. Initially, we planned to drill seven development wells, but we revised it to three wells for this year," President and GM of Petroselat Indra Hudaya told Petromindo.com.
He added that the value of investment for drilling three wells is at approximately US$18-20 million, excluding the facility.
As of end of May, the production from the block averaged at 400 bopd, he said.
The Selat Panjang PSC is operated by Petroselat, a joint operation company formed by PT Petronusa Bumibakti (51 percent), PetroChina (45 percent), and International Mineral Resources Inc. (IMRI) (4 percent). In July 2003, IDX-listed PT Sugih Energy Tbk. acquired 55 percent participating interest in the PSC through the purchase of Petronusa and IMRI.
Editing by Reiner Simanjuntak