Raisama says N. Sumatra prospect has 40 MMBO resources potential

Australia-listed firm Raisama Limited reported on Wednesday that recent study concluded that Amanah Prospect, located in its South Block A (SBA) Onshore North Sumatra PSC, to have a most likely (2C) contingent resource in excess of 40 million barrels of oil from six potential reservoir.

The Amanah prospect is scheduled to be drilled in the first half of 2012.

This prospect is close to commercial oil discoveries on the same structural trend and is directly adjacent to the Iee Tabue oil and gas field, discovered in 1971 and which by 1989 had produced nearly 12 million barrels of premium 50.3 ?API light oil and 24 billion cubic feet of gas, the company said.

The Amanah well will be relatively shallow with a total programmed depth of 1200 m and will be designed to intersect a minimum of six potential petroleum reservoir zones.

The study also identified three additional prospects, including a large oil prospect and two large gas prospects, which are similarly prospective but require further delineation by geological field survey scheduled for the third quarter of this year, followed by seismic acquisition scheduled for fourth quarter. Additional drilling is planned to test these prospects later in 2012.

Raisama has 38.25% interest in SBA by virtue of its 75% (controlling) interest in REE Pte Ltd, which holds a 51% working interest in South Block A and operates the PSC. (alex)