re: Ann: MEO acquires 30% equity in South Mad...
This from AED
The South Madura Production Sharing Contract (PSC) covers an area of 1,031 kilometres which lies along the Southern Side of Madura Island, offshore northern Java in Indonesia. Its located immediately to the north of the Santos-operated Sampang block, containing the Oyong Anggur and Jeruk oil and gas fields, and to the South of the Bukit Tua and Jenggolo oil fields.
The PSC contains a number of near term shallow targets with relatively low drilling costs and potentially holds deep reservoirs with higher resource potential
AED South Madura B.V., a wholly owned subsidiary of AED Oil Limited owns 60% of the PSC. Cooper Energy owns 40% of the PSC.
The South Madura PSC lies on the Southern side of the Madura Island, offshore northeast Java in Indonesia. It is located immediately to the North of the Santos-operated Sampong block, containing the Oyong Anggur and Jekuk oil and gas fields and to the South of the Bukit Tua and Jenggolo oil fields.
One well has been drilled in the block by the Joint Venture: Kurni-1, drilled in 2007/2008. The Kurnia-1 well encountered good shows of gas and oil in the fractured Kujung and the well flowed gas to surface on test. However, the test was compromised by a combination of high formation pressure and mechanical problems that resulted in the testing equipment becoming blocked. The well was plugged and abandoned, but the prospect is not considered fully tested and has the potential for further evaluation.
The Joint Venture acquired a 2D seismic survey in the western part of the block in 2007-08 to firm up prospects for potential drilling.
Mmmmmm. Well problems and testing not finished due to issues. Sounds like MEO's type of field. lol. ***************
AED OIL INVESTOR PRESENTATION June 2011
Two Indonesian exploration PSC?s (Rombebai and South Madura) with super-major appeal in terms of significant oil and gas resource potential South Madura (60%) ? Has a proven petroleum system with oil and gas present at several stratigraphic levels ? Successful Kujung platform play hosts hundreds of millions of barrels and large gas reserves in nearby PSCs; evidence of this play present in this PSC ? Significant industry interest in PSC, farm-out marketing is underway
