Release: MedcoEnergi: Monthly exploration report ? Jan 2005
Tuesday, February 15 2005 - 02:57 AM WIB
EXPLORATION ACTIVITIES
Following to the previous month Report, the exploration activities that have been conducted by our subsidiaries in January 2005 were as follows:
Central & South Sumatra PSC, South Sumatra
BACK GROUND. CENTRAL & SOUTH SUMATRA EXTENSION PSC is located at South Sumatra was acquired by the Company through its subsidiaries PT Medco E&P Indonesia (?Medco E&P?) since 1995.
The Company holds 100% interest of CENTRAL & SOUTH SUMATRA EXTENSION PSC, for the period of 20 years from 1993 to 2013.
ACTIVITIES. For the month of January 2005, four DST?s had been performed at three intervals on Fariz-2 well.
RESULTS. DST #1, interval 3,600 ft-3,604 ft gas rate 0.6 MMSCFD. DST #2, after acidized, gas rate 0.7 MMSCFD. DST #3, interval 3,484 ft-3,494 ft gas rate 0.06 MMSCFD. DST #4, interval 3,428 ft-3,438 ft no flow. The Company plug and suspended the well.
NEXT PLAN. None
COSTS. As of 31 January 2005, we have spent US$ 0.8 MM for the drilling.
Brantas PSC, East Java
BACK GROUND. BRANTAS PSC is located at onshore East Java. The Company acquired Brantas PSC through the acquisition of 100% shares of Novus by its wholly owned subsidiary, MEAPL, at the end of August. 2004.
The Company holds 32% interests of Brantas block for the contract period of 30 years, from 1990 to 2020
The Company holds the interests of Brantas PSC with Lapindo Inc. (?Lapindo?) for 50% and Santos Limited (?Santos?) for 18% Lapindo is also the operator of this block.
ACTIVITIES. For the month of January 2005 the Operator drilled Carat-2 well to the final total depth at 3,771 ft and running formation evaluation tools.
RESULTS. Carat-2 exploration well waiting on turther evaluation and testing.
NEXT PLAN. Prepared to test the well.
COSTS. As of 31 January 2005, expenditures for drilling the Carat-2 exploration well is US$ 1.3 MM (100%).
Jeruk Well, Sampang PSC, Madura Island, East Java
BACK GROUND. The Company, through its wholly owned subsidiary, PT Medco E&P Sampang (?Medco E&P Sampang?), participates in Jeruk exploration wells at Sampang PSC, which is conducted by Santos year 2003.
Santos holds 45% interest and is the operator of Sampang PSC, which is located at offshore south of Madura island for the period of 24 years, from 2003 to 2007.
Participation of the Company and Santos in this drilling is 50%:50%.
ACTIVITIES. During the month at January 2005, the Operator had performed third DST. The test was discontinued due to the tool was plugged. The Jeruk-2 well then plug and suspended.
RESULTS. Plug and suspended the well for further entry.
NEXT PLAN. Plan to conduct 3D seismic survey
COSTS. As at 31 January 2005, expenditures for drilling and testing of the Jeruk-2 exploration well is about US$ 32.9 MM. (100%).
Madura JOB, Madura Island, East Java
BACK GROUND. Madura JOB is located in Madura island. PT Medco Energi Internasional Tbk (the ?Company? / ?MedcoEnergi?) acquired Madura JOB through its subsidiaries PT Medco E&P Sampang since May 1997.
The Company holds 65% of working interest of Madura JOB, for the period of 30 years, from 1997 to 2027. Beside the Company, Pertamina holds 35% working interest of Madura JOB. The Company acts as the operator
ACTIVITIES. By the end of January 2005 the operator has drilled the Sebaya 2 delineation well to 6,215 ft depth.
RESULTS. Sebaya-2 has not resulted yet.
NEXT PLAN. Continue drilling and plan to test the zone of the Sebaya-2 well
COSTS. As of 31 January 2005, expenditure for drilling the Sebaya-2 delineation well is US$ 2.5 MM. (end of release)