Seismic acquisition to commence in South Block A PSC

By Puspita Maylana Devi

ASX-listed Raisama Energy Limited through its subsidiary Renco Elang Energy Pte Ltd (REE) which is the Operator of the South Block A PSC (SBA) on shore North Sumatra, has entered into a Letter of Intent with PT Quest Geophysical Asia to conduct 170km of seismic acquisition on SBA.

Field operations are anticipated to commence in March 2013, Raisama said in a statement received Tuesday. Acquisition is scheduled to take approximately 4 months with results due in August/September this year.

The seismic program has been designed to mature REE?s inventory of leads and prospects, with drilling expected to commence early next year.

?The commencement of our seismic program on SBA progresses the work program for this important project. The PSC is located within a petroleum system containing an abundance of oil and gas near existing downstream infrastructure,? Raisama Managing Director Jeff Steketee said.

?Indonesia ?s growing demand for oil and gas in the face of an undersupplied market will create significant possibilities for the SBA joint venture upon the discovery of commercial hydrocarbon accumulations within SBA.?

Raisama has 38.25 percent interest in SBA by virtue of its 75 percent (controlling) interest in REE Pte Ltd, which holds a 51 percent working interest in South Block A and operates the PSC.

Editing by Reiner Simanjuntak