Indonesian Permit Awarded

abarrelfullabarrelfull wrote on 04 Sep 2015 12:54

20 May 1997

Santos today announced that it has been awarded a 61.111% interest in the Korinci-Baru Production Sharing Contract (PSC) in central Sumatra in Indonesia

This interest complements the 61.111% interest which Santos already has in the adjoining Bentu PSC which contains gross gas reserves of approximately 200 billion cubic feet.

The remaining 38.888% interest in the two PSC's is held by the US based Apache Corporation which is also the operator for both PSC's.

The Korinci-Baru PSC has the potential to further increase gas reserves through exploration. A number of wells drilled in the 1960s and 1970s intersected gas at shallow levels and the geology is similar to that of Bentu.

The initial priority will be the reprocessing of seismic for the block.

Efforts are being directed to establish markets for the gas. A number of opportunities exist and discussions are currently in progress.

Commenting, Managing Director Mr. Ross Adler said, We are very pleased to be awarded this interest. It is a further step in positioning Santos to take advantage of the growing domestic gas market in Indonesia.

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