Santos says Jeruk oil less than 50m barrels

Australian oil company Santos Limited said on Friday that the upside recoverable oil resource for Jeruk discovery in Sampang PSC, offshore East Java is most likely to be less than 50 million barrels.

The new resource estimate is far below initial estimate of 170 million barrels.

The company said that the conclusion was drawn based on the completion of technical work that integrated all well and seismic data to better determine the most likely oil resource range.

?This analysis is now largely complete and whilst there are substantial remaining reservoir uncertainties, the upside recoverable oil resource for Jeruk is most likely to be less than 50 million barrels,? the company said in a statement.

?Opportunities to commercialize Jeruk are being pursued but plans for additional appraisal drilling have been placed on hold pending the review of development scenarios and the resolution of commercial and technical issues which may have an impact on the viability of any development,? it added.

Santos is the operator of Sampang PSC. (alex)