Asamera finds oil

Asamera finds oil

JAKARTA (JP): Asamera Oil Ltd, a subsidiary of Gulf Canada
Resources Limited, has struck a new oil reserve in the wildcat
Pijar-1 of its Corridor Block production sharing contract area in
South Sumatra.

The state-owned oil company Pertamina, which has a 10 percent
interest in the Corridor Block, said in a statement over the
weekend that two zones on the Pijar-1 well had been tested.

One zone produces 470 barrels of oil per day, while the other
one produces 3.5 million cubic feet of natural gas and 265
barrels of condensate per day.

The oil find is very encouraging, considering that its
adjacent block -- Calik Block -- is supposed to hold a similar
reserve, the statement said.

Gulf Canada Resources Limited, through its subsidiary Asamera,
has a 54 percent interest in the Corridor Block, while Talisman
Energy Inc. has 36 percent. (13)