MIM finds gas in RI

MIM finds gas in RI

BRISBANE, Australia (AFP): Diversified Australian miner, MIM Holdings Ltd, yesterday announced the discovery of "significant" gas flows by its joint venture firm in Indonesia.

MIM said the discovery, in central Sumatra, about 930 kilometers (580 miles) north-west of Jakarta, could potentially help supply extensive oil recovery projects in the region.

The program is part of a joint venture involving MIM's wholly- owned subsidiary MIM Bentu Pty Ltd, Hadson Bentu Ltd and Bridge Oil Indonesia Bentu Inc.

MIM Petroleum Exploration Pty Ltd general manager Bob Hall said here the Seng I well would be completed for future production after two drill stem tests had both resulted in "significant" gas flows.

The Tualang formation was flowing gas and condensate to surface at a stabilized rate of 7.9 million cubic feet per day of gas and 170 barrels of condensate per day.

MIM has a 33.33 percent stake in the venture, with the operator, Hadson Bentu, holding 38.89 percent and 27.78 percent held by Bridge Oil Indonesia.