Southern Petroleum Pte. Ltd., Singapore, plans to acquire 100% interest in the Bula oil tenement on Seram Island in eastern Indonesia from Lion Energy Ltd., North Adelaide, South Australia.
By OGJ editors HOUSTON, May 18 -- Southern Petroleum Pte. Ltd., Singapore, plans to acquire 100% interest in the Bula oil tenement on Seram Island in eastern Indonesia from Lion Energy Ltd., North Adelaide, South Australia. Closing is set for June 30.
The 35-sq-km Bula Block has 100 wells producing a combined 500 b/d of oil. It has produced more than 19 million bbl of since 1896. Oil quality is similar to that from giant Duri field on Sumatra.
Several productive zones behind pipe are yet to be perforated and are expected to increase production two-fold from current levels, Lion Energy said.
The sale excludes Lion Energy's interest in Oseil oil field.
