READ SLOWLY to me it looks like there is heaps of potential for exploration to come as it says in the first line here. THE MAJORITY OF THE AREA VIRTUALLY UNEXPLORED. I am sure that this is why Citic have become involved as there ann say that they are only buying into fields that have potential to grow. so this is going to grow over the coming years imho.
SERAM PSC EXPLORATION The majority of the 7,620 Seram Exploration Area remains virtually unexplored. Two deep wells, Bolifar Utara-1 and East Neif-1 were drilled in 1988, prior to the Oseil discovery. Both wells recovered low to medium API oil from within the Man usela Limestone as well as gas from shallower levels.
Lola Kecil-1 vertical exploration well was the sixth well drilled on the Seram PSC, and was intended to test for the presence of the Man usela Carbonate in a structure located midway between the Oseil structure and the Bula Block Oilfields. However the Man usela carbonate was not found and the well was temporarily abandoned in June 2002.
The balance of the block has been explored spars ely with:
214km seismic programme in 1986-87 2,403kms of Airborne Gravity / Magnetic Survey in 1989 800km seismic survey acquired in 1990 - 91 Synthetic Aperture Radar (SAR) survey of 10,000sy km completed in 1992 Remote Sensing Survey completed in 2000 Extensive Regional Gravity and Geological survey completed in 2002.
As a result, a Prospects and Leads Inventory has been generated. The following summarizes these prospects and leads.
LEADS & PROSPECTS,
2005 Number of Prospects: 10 Resource IP: 2,293 MMBO Resource RR: 1,411 MMBO
Number of Leads: 9 Resource IP: 243 MMBO Resource RR: 150 MMBO
IP
RR In Place
Recoverable Resource
GLOSSARY MMBO - Million barrels of Oil MMstb - Millions of standard barrels Sq.km. - square kilometers
LIO Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
