SOEL invites farm-ins to offshore Indonesia license

Offshore staff

MELBOURNE, Australia – MEO Australia subsidiary Seruway Offshore Exploration Limited (SOEL) is looking for partners in its Seruway PSC, offshore North Sumatra.

The concession contains undeveloped gas and oil discoveries, and other prospects and leads.

Highlights include:

• Gurame, a gas and oil discovery which SOEL plans to drill in late 2012. Gurame could contain 500 bcf of gas and 57 MMbbl of oil and condensate.

• The Kuala Langsa-1 gas discovery well was drilled in an adjacent onshore PSC. SOEL believes, however, that the productive carbonate reservoir is structurally highest and stratigraphically thickest in the offshore Seruway PSC. Kuala Langsa could contain 5.3 tcf of gas, but the 50-60% carbon dioxide (CO2) content will need to be geosequestered, possibly stored at the nearby depleted Arun gas field.

• The Ibu Horst hosts multiple wells that have recovered oil and gas. Last year SOEL acquired 3D seismic over the horst to identify further appraisal and exploration targets. Processing is under way.

SOEL is looking to farm out up an interest of up to 50% in its PSC.

4/11/2012

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