Serica Energy?Ephindo to invest US$30 million in Kutai block
Thursday, December 28 2006 - 03:02 AM WIB
A consortium of UK-based oil and gas firm Serica Energy - PT Energi Pasir Hitam Indonesia (Ephindo) is preparing an initial investment of US$30 million for exploring four wells, of which two area off shore in Kutai Block, East Kalimantan.
PT Ephindo Energi?s president director Wahyudin Y Ardiwinata said in Jakarta that the exploration of the four wells will kick off next year and is predicted to take around three years to complete.
The consortium of Serica Energy - Ephindo won the right to develop Kutai Block through direct offering whose result was announced December 13, 2006.
Earlier, Serica said that it will hold a 52.5 percent interest in the PSC and its partner PT Ephindo will hold the remaining.
The Kutai PSC covers an area, both onshore and offshore, of approximately 4729 sq km within the prolific Kutai Basin of East Kalimantan. (*)