Cooper Energy Awarded Indonesian Oil FieldsSource: www.gulfoilandgas.com 3/24/2010, Location: Asia
Cooper Energy is pleased to announce that, through a work program bidding process, Cooper Energy has been awarded a contract by PERTAMINA (the Indonesian National Oil Company) 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 Tangai 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 Energy is looking forward to more fully developing the oil fields and recovering an additional 1.0 million barrels (P50) of oil. In addition to the development potential, there is exploration and appraisal potential within the block, which will be assessed as part of the work program.
Cooper Energy’s winning program consists of a signature bonus of US$861,888, 24 km2 of 3D seismic, a new development well, 3 well workovers and infrastructure upgrades. The expected total cost of the program over three years is US$6.8 million (100% Joint Venture). The award of these oil fields to Cooper Energy allows the Company to enhance its operations capability in Indonesia, generate revenue to fund its Indonesian ventures and hopefully open up further development opportunities in the country.
Cooper Energy’s 10% Joint Venture Participant partner in the oil fields is Mega Adhyaksa Pratama (MAP). MAP is a private Indonesian company that worked closely with Cooper Energy to identify and secure the opportunity.
Cooper Energy’s Managing Director, Michael Scott was noted as stating “The award of the Sukananti contract is a positive step in our growth aspirations in Indonesia and we are looking forward to efficiently and effectively developing these oil fields and generating our first overseas production revenue. We are hoping that demonstration of our operational competence in the development of these oil fields will open up additional attractive development opportunities for us in Indonesia.”
The next step will be the signing of the contract with Pertamina, which will be followed by the transfer of field operations from Pertamina to Cooper Energy. Timing is uncertain at this stage. The next announcement will be made when Cooper Energy takes over the field operations.
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