Seram oil production drops 10%

Lion Energy (LIO) Limited reported oil production of 2,413 barrel per day in Seram (Non Bula) Block PSC for the second quarter 2009.

Lion, owner of 2.5% interest in the block, told ASX that Seram produced 2413 bpd of oil, dropped 10% from 2707 bpd in the previous quarter.

The majority shareholders of the block are CITIC Seram Energy Limited (51%), KUFPEC Indonesia Ltd (30%), and Gulf petroleum Investment (16.5%). CITIC is the operator of the joint venture.

The block contains the Oseil oilfield which has since initial field start-up in December 2002, produced cumulative crude oil of 8.2 million barrels as at June 30th, 2009.

The lowest production was in May 2009 with average of 2338 bpd, but then picked up to 2480 bpd last month. Out of total 219,625 barrels produced in Q2, HSFO was about 200,000 bpd, while the balance was naphtha.

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