RELEASE: Oseil production operations update
Tuesday, January 21 2003 - 09:16 AM WIB
Kalrez Energy Limited is a 2.5 percent shareholder in the Seram Joint Venture that operates the Oseil oilfield. The major shareholder, and Operator of the JV, is KUFPEC (Indonesia) Limited with 97.5 percent.
Production from the Oseil oilfield commenced on December 30th 2002, with processing taking place through a Temporary Production System ("TPS") nominally rated to approximately 12,000 barrels per day throughput.
The TPS facility is a temporary process facility to be utilized until the permanent facilities currently being installed are completed. Current expectations are that the permanent facilities will be available during April 2003.
REPORTING PERIOD |
MIDNIGHT (12TH JAN 2003) TO MIDNIGHT (19TH JAN 2003) |
Oil produced for the period |
77,394 barrels of oil |
Average daily production for the period |
11,056 barrels of oil |
Cumulative oil produced |
156,869 barrels of oil |
| Oil sold during the period | 0 barrels of oil |
| Oil in stock | 156,869 barrels of oil |
The above represent total production from the Oseil oilfield as reported by the Operator. Kalrez entitlement is 2.5 percent of this production after deducting operating costs and Indonesian government entitlements.
COMMENTS
At the end of the reporting period, all three wells Oseil #1, Oseil #2 and Oseil #4 are producing.
Well rates are being manipulated to attempt to stabilize TPS operating conditions and maximize fluid heat, whilst monitoring basic sediment and water levels ("BS&W') for each well, to optimize each individual well rate.
Water cut average for the last 24 hours of the reporting period was 3 percent.
Further updates will be on a weekly basis as announced in the ASX Announcement of 17th January 2003.
G A Mercorella, CHAIRMAN, KALREZ ENERGY LTD (*)