Santa Fe Energy's Indonesian well flows 10,500 barrels of oil per day.
HOUSTON--(BUSINESS WIRE)--Dec. 14, 1995--Santa Fe Energy Resources (NYSE NYSE
See: New York Stock Exchange :SFR SFR Swiss Franc (national currency)
SFR Société Française du Radiotéléphone (French cellular provider)
SFR Single Family Residence
SFR Single Family Residence (real estate) ) today announced that its Mudi No. 5, on the Indonesian island of Java, has tested at combined flow rates of approximately 10,500 barrels of 35' API gravity The American Petroleum Institute gravity, or API gravity, is a measure of how heavy or light a petroleum liquid is compared to water. If its API gravity is greater than 10, it is lighter and floats on water; if less than 10, it is heavier and sinks. 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 Noun 1. pounds per square inch - a unit of pressure
pressure unit - a unit measuring force per unit area through a 1, inch choke.
The Mudi No. 5 is Santa Fe Santa Fe, city, Argentina
Santa Fe, city (1991 pop. 341,000), capital of Santa Fe prov., NE Argentina, a river port near the Paraná, with which it is connected by canal. 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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 “Houston” redirects here. For other uses, see Houston (disambiguation).
Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the . 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 New York Stock Exchange (NYSE)
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CONTACT: Santa Fe Energy Resources, Houston
Media Contact: Ed Hall (713) 507-5309
Investor Contact: Kathy Hager (713) 507-5315