West Kampar, Central Sumatra
Oilex entered into a farmin agreement with Sumatera Persada Energi (SPE) to acquire 45 % equity in the West Kampar PSC in Central Sumatra, Indonesia. A subsequent arrangement whereby Oilex would acquire an additional 15% was terminated so the Joint Venture currently comprises Sumatera Persada Energi (55%) and Oilex (45%).
The Pendalian-3 well was drilled and tested in late 2007 and confirmed the presence of two shallow producible oil zones in the Sihapas Sandstone reservoirs. An application to produce from the Pendalian-3 well was submitted to the Indonesian regulator in 2008 and a seismic program initiated.
Following a dispute with SPE in 2009 Oilex succeeded in obtaining an arbitration award requiring SPE to pay Oilex US$4.6 million dollars.
A Court approved Scheme of Arrangement has been implemented over the Operator, however Oilex continues to pursue enforcement of the Arbitration Award and a commercial settlement. Oilex is currently liaising with the Indonesian regulator SKK Migas as to SPE related matters.
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|Figure 1. West Kampar PSC Location Map, Sumatra, |
|Figure 2. Location Map Central Sumatra Basin Fields and Pipeline Infrastructure |