more on seruway, page-2

COE(Cooper Energy) entered the Seruway Prospect, guns blazing, in 2007.
Mike Scott (MD) predicted a 75% chance of success for their planned well at Gurame. A lot of us following COE at the time thought this was going to be a company maker.
They drilled Gurame (non commercial) and acquired some followup seismic over the Ibu Horst
In 2008 COE exited the Seruway JV as per following announcement:

""Friday 21st November 2008

COOPER ENERGY EXITS SERUWAY PSC, INDONESIA
Gurame-1X post well review and interpretation of 2008 2D seismic removes block prospectivity

Cooper Energy Limited (ASX: COE) advises that its wholly-owned subsidiary, Cooper Energy
(Seruway) Pty Ltd (“CESL”), has elected to withdraw from the offshore Seruway Production Sharing Contract (PSC) in North Sumatra, Indonesia.
Cooper Energy acquired a 22.5% interest in the Seruway PSC in 2007 and drilled the Gurame-1X well earlier this year. Despite encountering some gas shows, the Gurame-1X well
was unsuccessful. In addition to the Gurame-1X well the Seruway Joint Venture recently shota 2D seismic survey over a number of gas discoveries on the Ibu Horst geological feature in the centre of the block.

Cooper Energy’s exploration team has just completed the integration of the results from the Gurame-1X well into the 2007 3D seismic and completed an interpretation of the recently acquired 2008 2D seismic. This review unfortunately indicates that the Seruway PSC has no commercially viable prospects.
In light of this result and the fact that CESL would be required to make a number of significant future cash call payments in US Dollars to the permit operator, Transworld, to retain its interest, Cooper has elected to exit from the PSC. Cooper’s Board believes this to be a prudent decision which is consistent with the Company’s risk management strategy for its international exploration portfolio.
The other non-operator, Salamander Energy, has also elected to exit from the PSC.""

http://www.cooperenergy.com.au/media/files/COE211108a%20Cooper%20Energy%20Exits%20Seruway%20PSC%20Indonesia.pdf