Novus's RI oil output

Novus's RI oil output

MELBOURNE, Australia (AP): Novus Petroleum says its Nelayan 1 well at Kakap in Indonesia should deliver at least 5,000 barrels of oil per day to its joint venture participants.

Novus's corporate research manager, Michael Sandy, said yesterday its share of production would be over 1,250 barrels per day after it was tested in a few days.

"From logs it looks like a very good reservoir and we would expect it to flow at a rate in excess of 5,000 barrels per day," he said.

Sandy said results so far meant that Novus considered the Nelayan well as a discovery, even without testing it, because of its similarity to other formations in the area.

Novus is a 25 percent participant in the Kakap production sharing contract, which is operated by Britain's Clyde Petroleum.