Energi Mega Persada finds oil deposits

Energi Mega Persada finds oil deposits

Publicly listed energy firm PT Energi Mega Persada (EMP) has
discovered oil deposits in its two concessions, the Makassar
Straits block in Riau and the Brantas block in East Java.

The firm said it had "accidentally" discovered the oil deposit
in the Brantas block while it was measuring the size of the gas
deposit in the Tanggulangin-3 well.

"While our drilling targeted the delineation of gas reserves
in the deeper horizon, the Tanggulangin-3 well struck an oil
accumulation in the shallower region," the company said on Friday
in a report to the Jakarta Stock Exchange.

Oil flowed out of the well at the rate 776 barrels per day
(bpd), it said.

EMP also discovered an oil deposit at the MSEA-01 well of the
Malacca Straits block. Oil came out of the well at the rate of
550 bpd.

It operates the Malacca Straits and Brantas blocks through
subsidiaries Kondur Petroleum SA and Lapindo Brantas Inc.
respectively.

The firm also said it had completed the installment of two gas
compressors at its Wunut field in Brantas, which would allow it
to increase the block's gas output to 80 million cubic feet per
day (MMCFD)

The second-largest privately owned oil and gas company in
Indonesia, EMP produces 10,500 barrels of oil per day (bpd) and
60 million MMCFD of natural gas.

The company plans to increase its oil production to 12,000 bpd
and its gas output to 80 MMSCFD this year. -- JP