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New Articles

Sunday, 20 July, 2008, 22:40 GMT | more prices >>

Cooper widens Indonesian portfolio

By Upstream staff

Australian-based oil and gas producer Cooper Energy has secured a strategic interest in an offshore block in North Sumatra, Indonesia after acquiring unlisted Australian public company Rion Energy for 13 million Cooper shares, escrowed for 12 months.

Rion Energy holds 22.5% of the Seruway Production Sharing Contract (PSC), offshore north-east Sumatra, which includes the undeveloped Gurame gas field, with estimated recoverable reserves in the range of 400 to 2700 billion cubic feet of gas and between 20 and 150 million barrels of condensate.

In addition to the Gurame Gas Field, the Seruway PSC also contains a number of other discovered but undeveloped gas fields, several mature prospects and a further 35 leads and prospects, which will require new seismic to mature for drilling.

The other participants in the Seruway PSC are operator Transworld (55%) and GFI Oil and Gas (22.5%).