Provident to drill 2 wells in newly acquired E.Kalimantan block
Wednesday, October 15 2003 - 12:46 AM WIB
US junior company provident energy said it would drill one exploratory well in the newly awarded Tarakan block, East Kalimantan and may drill another one the following year.
?We would invest at least US$4 million to drill the wells, and might spend more if we decide to drill in deeper-water prospect,? said Bret Hurlbut, general manager of Provident Indonesia Energy after contract award ceremony in Jakarta Tuesday.
Hurlbut say the block is oil prone and had estimated to have recoverable reserves of around 500 million barrels.
?We are upbeat about the prospectively of the block,? he said.
Being a modest size company, Provident has in its planning to search partner when further exploration of the block requires more capital spending. (alex)