Santos says Kutei Basin?s Pohon-1 prospect has potential over 150 MBO
Wednesday, August 20 2003 - 07:48 AM WIB
Australian oil and gas company Santos Limited said on Wednesday that its latest drilling target in deep water Popodi PSC, which is located in Kutei Basin in Makassar Strait had the potential of over 150 million barrels of oil.
Santos? managing director John Ellice-Flint said in an interview with corporateprofile.com.au that the drilling of oil-prone Pohon-1 well would commence in the second half of 2003. The well?s drilling cost is estimated at around US$ 6 million.
This is new development as in its second quarter report issued last month Santos said that Popodi PSC venturers would drill oil, gas prone Sigma prospect first.
Santos acquired 20 percent interest in two adjacent Popodi and Papalang blocks last quarter. The blocks are located in the deep-water part of the Kutei Basin. Santos and operator of the blocks has initial commitment to drill three exploration wells in the blocks. (alex/robert)