Ranhill may have discovered oil in W. Java block

Malaysian firm RANHILL Bhd and its joint venture partners are believed to have struck oil in the Citarum block off West Java late last Friday, according to sources familiar with the company wa quoted by Malaysian media TheStarOnline.

The media speculated that the company has made the big find after drilling the Pasundan-1 well to the depth of 6,000 feet.

BPMIGAS Exploration Division Head Bob Yulian when contacted by Petromindo.Com did not confirm the discovery. ?The well is still being drilled,? he said. Sucahyo Pratomo, BPMIGAS Field Operations Division Head said there have been some oil shows in Pasundan-1. ?But it?s still too premature to say anything,? he said.

In mid-May Ranhill announced to the Bursa Malaysia that drilling works had started in Citarum and had indicated that the oil well would be drilled to a depth of some 10,300 feet with prospects estimated to be about 75 million barrels.

Ranhill?s wholly owned unit Ranhill Energy Sdn Bhd, via West Java Energy Pte Ltd, controls as much as 60% of Bumi Parahyangan Ranhill Energia Citarum Pte Ltd, the joint-venture company which has been given the mandate to conduct the drilling and exploratory works.

Other partners in the jointventure company are Mitra Energia Citarum Ltd and Bumi Parahyangan Energi Pte Ltd, with 20% equity each. Mitra Energia Citarum is a unit of Sound Oil Plc. (*)