Thursday, March 25, 2010

Cooper awarded Indonesian oil fields

Cooper Energy Ltd (Australia) has been awarded a contract by state oil and gas company PT Pertamina to operate and develop the Sukananti, Tangai, and Bunian oil fields (Sukananti KSO) in South Sumatra.
The Sukananti KSO is located in South Sumatra, Indonesia, on trend with the Limau and Tanjung oil fields. The Bunian oil field is currently producing at 60 barrels of oil per day through a single well. The Tengai oil field was producing through four wells and the Sukananti oil field was producing through a single well but these are now shut-in, awaiting wellbore remediation and workover.
The three oil fields in the Sukananti KSO have produced 1.08 million barrels of oil to date. Cooper is looking forward to more fully developing the oil fields and recovering an additional 1 million barrels (P50) of oil.
Cooper's program consits of a signature bonus of US$861,888m 24 Km2 of 3D seismic, a new development well, 3 well workovers and infrastructure updates with total cost over three years of around US$6.8 million. Cooper's JV partner (10% interest) in the project is PT Mega Adhyaksa Pratama.

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