Edward discovers oil

Edward discovers oil

JAKARTA (JP): Indonesian businessman Edward Soeryadjaya, whose
bank was liquidated in 1993 for bankruptcy, said his company has
discovered huge oil reserves in Mongolia through Soco Tamstag
Mongolia, Inc. (Sotamo).

He was quoted yesterday by Bisnis Indonesia as saying in
Singapore that the 4.32-million-hectares Tamstag Basin in
Mongolia, operated by Sotamo, had estimated reserves of about one
billion barrels of crude oil.

Sotamo is 42.64 percent owned by NTI Resources Ltd. -- a
Virgin Island-based company 70 percent controlled by Edward --
40.3 percent by Snyder Oil Corporation International of the
United States and 17.06 by other investors.

NTI's executive vice president, Sandiaga Uno, said that
Sotamo's concessionaire comprised of four blocks.

"We have drilled four wells in two of the four blocks, with
oil reserves estimated at about 125 million barrels, and
production is projected to start in two to three years," he said.
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