Ranhill Energy plans Citarum block drilling exploration in June

Malaysian firm Ranhill Berhad said Monday that Ranhill Energy through its 60 percent-owned subsidiary PT Bumi Parahyangan Ranhill Energy Citarum (BPREC) was preparing to commence drilling operations on the Jonggol prospect of Citarum block onshore West Java in June 2006.

Located 15 km south of the Jatirarangon gas field, the Jonggol prospect has the same Jatibarang structure. International independent oil and gas reserves consultant Gaffney, Cline and Associates has identified cumulative prospective resources of between 150 to 342 million barrels of oil reserve in place.

A fast track development is planned to achieve first production within 18 months of discovery, Ranhill said in a statement.

BPREC signed a Production Sharing Contract (PSC) on the Citarum block in October 2005. The PSC entails BPREC to undertake 750 km of 2D seismic survey and drilling of four exploration wells during the first three years of exploration period. (Robert)