Kodel to explore oil fields

Kodel to explore oil fields

JAKARTA (JP): Oil company PT Golden Spike South Sumatra (GSSS)
Ltd., a subsidiary of the Kodel Group, will spend US$4 million to
explore oil fields in the Pasiriaman block in the Muara Enim and
Ogan Komering Ilir areas in South Sumatra.

Company general manager Cholidy Husin Reminton was quoted by
Antara news agency as saying on Thursday that the company's
technical studies had found two wells in the area with relatively
significant oil reserves.

The company will start seismic tests next year, followed by
four to five months of well drilling, he said. It will spend $1.2
million for seismic tests and $2.8 million for well drillings.

The block is 40 percent owned by state oil and gas company
Pertamina and 60 percent by GSSS. The 60 percent stake owned by
GSSS is shared by the government (85 percent) and PT Golden Spike
Indonesia (15 percent), the oil and gas unit of Kodel. (jsk)