IPC Launches Phase I Development on Malaysia Block PM-3.VANCOUVER, British Columbia--(BUSINESS WIRE)--March 14, 1996--INTERNATIONAL PETROLEUM (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :IRP See Interest rate parity line. NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :IRPPF) ("IPC") is pleased to announce the resumption of drilling operations on Block PM-3, the commercial contract area between Malaysia and Vietnam (see attached map). A contract was entered into with Clearways Drilling Sdn Bhd for the use of the semi-submersible rig, the "Hunter" to launch the Phase I development drilling campaign. IPC expects to spud the first of five Phase I wells, on 16 March 1996 on the Bunga Kekwa structure with a view to delineating the BK-1 discovery well which flowed 180 MMSCFPD of gas and 10200 BPD of oil in 1994. The second well will be drilled on the Bunga Raya Raya may refer to:
The first phase of the PM-3 development project involves the implementation of an early production system (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) which will produce oil from four horizontal wells on the Bunga Kekwa structure. Production from the EPS is scheduled to commence in July, 1997 at the rate of approximately 15,000 BPD of oil. The integrated development of the Bunga Kekwa, Bunga Raya, Bunga Orkid and Bunga Pakma discoveries, all within Block PM-3, will commence in the 4th quarter of 1996. Full field production is scheduled to commence at 50,000 BPD of oil and 250 MMSCFPD of gas in November, 1999. The gas will be transported and sold to the domestic Malaysian market. IPC is the operator of the joint venture and holds 26.44 percent, Sands Petroleum AB holds 15 percent, Petronas Carigali Sdn Bhd holds 46.06 percent and PetroVietnam Exploration and Production (PVEP) holds 12.5 percent of the PM-3 venture. IPC is a Canadian energy company, exclusively engaged in international oil and gas exploration and production. IPC's shares are listed on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (symbol "IRP") and on NASDAQ (symbol "IRPPF") and on the Stockholm Stock Exchange The Stockholm Stock Exchange (Swedish: Stockholmsbörsen) is a stock exchange located in Stockholm, Sweden. Founded in 1863 [1] it is the primary securities exchange of the Nordic Countries. . ON BEHALF OF THE BOARD Ian H. Lundin, President CONTACT: International Petroleum Corporation Ian H. Lundin, 604/689-7842 604/689-4250 |
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