Santa Fe Energy's Indonesian well flows 10,500 barrels of oil per day.
The tests were conducted on approximately 535 feet of hydrocarbon bearing rock between depths of 8365 and 8900 feet and resulted in the indicated flow rates with individual flowing tubing pressures of 225 pounds per square inch through a 1, inch choke.
The Mudi No. 5 is Santa Fe Energy's fifth successful test of the Tuban Limestone Formation and the best the Company has completed to date on its Mudi prospect. The other successful tests ranged from 1350 to 5000 barrels of oil per day.
James L. Payne, Chairman and CEO of Santa Fe Energy Resources said, "The results of the Mudi No. 5 represent a very positive development in our continuing delineation activities. The objective formation here is structurally higher, has thicker pay zones and has better reservoir quality than any of the previous wells drilled in this field. Although we cannot yet estimate the ultimate reserve size of the Mudi Field, it is obviously a commercial project at this time," he added. The Company has a new seismic program underway to better delineate the extent of the Mudi Field, and to further define several similar anomalies in the same area.
The Company and its partners are completing a Plan of Development which will be submitted to Pertamina, the state oil company of Indonesia, within the next few weeks, and are prepared to begin construction of the facilities required for full development as soon as approval is received. Commercial oil sales could begin as early as mid-1997.
The Mudi project in the Tuban Block is operated through a Joint Operating Body comprised of Pertamina and Santa Fe Energy. Partners and ownership positions in the block include Pertamina 50%, Santa Fe Energy Resources Java, Ltd. 12.5%, Total Tuban (a subsidiary of TOTAL S.A. of France) 12.5%, Risjad Salim Resources Petroleum (Tuban), Ltd. 12.5%, and Enserch Far East Limited 12.5%.
Santa Fe Energy Resources is an independent oil and gas exploration and production company with headquarters in Houston, Texas. It has production in the United States, Argentina and Indonesia with additional exploration activities in several other regions of the world. Its common stock is traded on the New York Stock Exchange under the symbol SFR.
CONTACT: Santa Fe Energy Resources, Houston
Media Contact: Ed Hall (713) 507-5309
Investor Contact: Kathy Hager (713) 507-5315
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|Date:||Dec 14, 1995|
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