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. (10)