From an announcement from Citiview. What does 'reserves of 25 BCF' mean? Cubic Feet? Is 25 big?
Thanks,
MEDCO HAS RELEASED THE FOLLOWING PRESS STATEMENT:
"Pidawan-1 exploration well was spudded on 1st March 2002 and completed 17th July 2002. The well is a gas discovery well located in Simenggaris JOB Block, N E Kalimantan, near Tarakan Island. Total depth of the well is 7504ft. Preliminary estimated reserves based on the Pidawan-1 well is 25 BCF. Potential market for the gas discovery includes the Bunyu Methanol Plant and power generation in Tarakan Island."
In addition to the above Medco have advised that they are now conducting a feasibility study on the building of a pipeline from the Pidawan location to Tarakan Island in order to market the gas.
CityView is free carried by Medco throughout the current work programs and has a 25% gross interest in both Blocks
