PRESS RELEASE: Gulf Indonesia announces two more offshore discoveries
Tuesday, July 10 2001 - 01:33 AM WIB
On the Jenggolo-1 well, a test of perforations between 6,272 and 6,300 feet flowed at a rate of approximately 3,600 barrels of oil per day through a 7/8-inch choke. Two additional tests of perforations between 5,806 and 5,854 feet and between 4,780 and 4,804 feet flowed at rates of approximately 5 million cubic feet of natural gas per day through a 1-inch choke and approximately 4 million cubic feet of natural gas per day through a 1/2-inch choke, respectively.
On the Payang-1 well, a test of perforations between 4,822 and 4,854 feet flowed at a rate of approximately 17 million cubic feet per day of natural gas through a 1-inch choke.
The Jenggolo and Payang wells were the third and fourth wells of a four well exploration drilling program for the Ketapang PSC. The first well, Bukit Panjang-1, had gas shows and minor oil shows but was not tested. As previously announced, two tests on Bukit Tua-1, the second well in the program, flowed at a combined rate of 7,250 barrels of oil per day. Two shallower zones in the Bukit Tua-1 well flowed at a cumulative rate of approximately 6 million cubic feet of natural gas per day.
"Jenggolo confirms the productivity of the Kujung zone that tested oil at Bukit Tua, 16 kilometers to the east, and the gas discovered during this drilling campaign could be sold into the growing gas market in East Java," said Cliff Zeliff, Vice President, Exploration of Gulf Indonesia. "To evaluate the areal extent and magnitude of these discoveries, the partnership is now discussing a work program that includes a 3D seismic program over Bukit Tua / Jenggolo to be followed by further appraisal drilling in 2002."
Gulf Indonesia holds a 50 per cent working interest in the Ketapang PSC and is contract operator for Pertamina, the Indonesian state oil company. Gulf's partner is PETRONAS Carigali Overseas Sdn Bhd, a subsidiary of Malaysian national oil and gas corporation PETRONAS, which holds the remaining 50 per cent.
Gulf Indonesia Resources Limited, headquartered in Jakarta, is an independent upstream oil and gas company which is traded publicly on the New York Stock Exchange under the ticker symbol GRL. In 2001, the company celebrates its 40th anniversary of operations in Indonesia.
Gulf Indonesia is 72 per cent owned by Gulf Canada Resources Limited, which is a Canadian based independent exploration and production company with primary operations in Western Canada, Indonesia, the Netherlands and Ecuador. Gulf Canada's shares are traded on the Toronto and New York Stock Exchanges under the ticker symbol GOU. (*)