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Ranhill denies Indonesian find



By Upstream staff 

Malaysia's Ranhill has denied the company and and its joint venture partners have struck oil in Indonesia's Citarum Block off West Java.

Malaysia's Star newspaper reported earlier that sources familiar with the company said the oil was struck after 1829 metres of drilling and Ranhill could make an announcement to the Malaysian stock exchange as early as Wednesday.

However, Ranhill told the Malaysian stock exchange in a statement: "We...wish to deny the disclosure." It added that drilling had reached 2,063 metres but had yet to penetrate the primary reservoir target zone.

Ranhill controls as much as 60%of the joint venture company given the mandate to conduct the drilling and exploratory works, the paper said.

Other partners in the joint venture are Mitra Energia Citarum, a unit of Sound Oil, and Bumi Parahyangan Energi, with 20% equity each, it added.

The Citarum block is 50 kilometres south-east of Jakarta and covers some 4440 square kilometres adjacent to numerous onshore oil and gas producing areas of the north-west Java basin, Ranhill said on its website.


Monday, 18 June, 2007, 01:51 GMT  | last updated: Monday, 18 June, 2007, 09:41 GMT

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