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KrisEnergy completes 4 seismic programs in 2014, Udan Emas seismic acquisition underway

JAKARTA (rambuenergy.com) – Singapore-based oil and gas company KrisEnergy has completed four seismic acquisition programs in 2014 in Indonesia. The seismic programs were part of the company’s exploration programs for the year, with total expenditure of US$82.6 million, up from       US$64.6 million in previous year.

The seismic programs that have been completed were as follows:

–          East Muriah PSC: 1,284 km 2D seismic data;

–          Sakti PSC: 1,202 km 2D seismic data and 401 sq. km 3D seismic data;

–          Tanjung Aru PSC: 502 sq. km 3D broadband seismic data; and

–          SS-11: 3,146 km 2D seismic data.

“We are enthused by preliminary interpretation of some of the seismic data acquired in 2014, specifically in the Sakti and Tanjung Aru PSCs, and will keep an opportunistic approach to exploration drilling should a rig become available at the right time and cost,” the company said.

In 2015, the seismic acquisition will focus on the Udan Emas PSC and on Vietnam, where the company continues to build its geological models for the Block 105, Block 115 and Block 120 exploration areas.

As for Udan Emas PSC, located onshore West Papua, the company continues the preparations to carry out a 300 km 2D seismic acquisition program.

“The remote and lengthy program commenced recording in January 2015 and will run for four to five months,” the company said.

In 2014, the company spent a total of US$344.6 million in capital expenditure, up from US$122.1 million. This incudes funds for explorations and appraisals at US$82.6 million. Large part of the funds, amounting to US$167.2 million was used for acqusitions, compared to US$41.4 million in previous year. The remaining US$70.3 million was used for other purposes, up from US$2.3 million in previous year.

Chris Gibson-Robinson, Director Exploration & Production, said that  that the company is currently developing the Lengo gas field development, offshore East Java, which is its first operated gas project in Indonesia. The company has completed initial front-end engineering design and are preparing to tender for the engineering procurement construction and installation contract.

The Lengo field will be produced via four initial development wells, a minimum facilities platform, a 65 km pipeline to shore and an onshore receiving facility for gas dehydration.

In addition, the company speculates that several other similar gas accumulations could exist to the west of Lengo. It was believed that the same Kujung Limestone reservoir tested in Lengo was present and trapping gas within the Sakti block.

“If correct, there could be valuable tie-back opportunities to the Lengo development,” it said.

KrisEnergy’s 2P reserves as of end 2014 reached 71.0 million barrels of oil equivalent (MMBOE) compared to 32.3 MMBOE as of Dec. 31, 2013. The rise in 2P reserves was supported by the conversion of 39 MMBOE of 2C resources in Wassana (Vietnam) and Lengo fields to 2P reserves.(*)

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