According to industry sources, Tately was likely still offering a farm-in opportunity in the Palmerah PSC, located in onshore South Sumatra, as of late August 2018. The company first announced the farm-in opportunity in late 2017. Potential investors will be involved in supporting future exploration activities in the block, aside from existing production. It is understood that the company has planned to drill possibly up to two exploration wells in 2H 2018.  Typical exploration objectives in the area are the Oligocene Talang Akar and Miocene Air Benakat sandstones. Production rate from the block as of August 2018 was approximately 250 bo/d, from the Budi field.  Tately is the rightholder of the PSC with 100% interest.  The PSC was awarded to Tately on 21 November 2003 under the "Third Round" of Migas controlled acreage releases which were closed on 31 July 2003. Signature bonus paid by the company was US$ 4.5 million. Work commitment for the first three-year exploration period would amount to USD 15 million which includes shooting a 300 km 2D seismic survey and drilling three explorations wells planned.  The Palmerah Block, initially covering about 1,556 sq km, is located onshore South Sumatra in the Jambi Sub-basin and is probably coincident with the Palmerah JOA, previously subject of negotiations between Golden Spike and Pertamina between 1997-1999. Golden Spike, despite being selected as the successful bidder for the JOA, withdrew its application for the contract area in September 1999 for undisclosed reasons. The block has since gone through schedule area reduction with current block area remains 20% of its original size.  For further information on the offering, interested parties can contact:  Yusak Setiawan   Email: Yusak@pexcoenergy.com  Background Information  Development activities  The Plan of Development (PoD) for the Budi field was submitted to BPMigas in November 2011. According to February 2012 reports, the former upstream regulator expected to approve the PoD in April 2012 and the field was expected onstream in December the same year. However, the project has been delayed, likely due to the dismantling of BPMigas in November 2012.    The development concept comprises two phases. Phase 1 includes workovers on existing wells and the drilling of four new development wells. In this phase, oil is produced through leased facilities and trucked or pipelined to the Plaju oil refinery. Development drilling for Phase 1 was initially planned for late 2012, but it started possibly in early April 2013. Phase 1 will allow Tately to assess production performance prior to proceeding with the next phase of development. The field is expected to produce at a rate of 1,500 bo/d from Phase 1. Phase 2 will see the drilling of around six additional development wells and the construction of permanent production facilities. Oil will be then transported to Plaju via a barge vessel. Phase 2 production is expected to reach 2,500 bo/d.  The first phase of development drilling commenced around early April 2013. In June 2013, development well Budi 6 was completed and suspended, likely as a future producer, while Budi 5 was being tested. As of July 2013, the Budi 8 well was drilled and underwent testing operations. The operator completed the first development drilling campaign, which likely included four wells, around August 2013.  The Budi field came onstream in mid-2013 and produced over 30,000 bo by late August 2013. According to a local press report quoting SKK Migas, the field increased production to approximately 1,000 bo/d in September 2013, up from the initial 700 bo/d.    In mid-December 2014, Tately began the second phase of development drilling campaign on the Budi field. The campaign was completed around June 2015. According to local press reports, a total of seven wells were drilled in the campaign, which was intended to boost oil production from the field. As of February 2015, production was around 800 b/d.  Exploration activities  In-mid December 2010, the company completed a 148km 2D seismic infill survey over the Budi 1 discovery and nearby prospects in the block. The survey commenced in August/September 2010 and the result of the survey study was used for the development of the Budi field and future exploration well drilling campaign. The last well drilled in the block was the Budi 3 outpost, which was plugged and abandoned as a dry well in late December 2009. The well, located 2km southeast of the Budi 1 discovery, was spudded in late November 2009 and was drilled to a TD of 730m. It targeted sandstones of the Middle to Upper Miocene Air Benakat Formation which encountered hydrocarbons in the discovery well. This is the third appraisal well for the Budi discovery following Budi 4, which was plugged and abandoned as an oil and gas well in mid-November 2009. The Budi field, discovered in 2007, is estimated to contain recoverable resources of approximately 85 Bscfg and 3 MMbo in a faulted anticline structure.    Budi 4 outpost was suspended as an oil and gas well in mid-November 2009. The well, located 0.17km northwest of the Budi 1 discovery, was not tested. It was spudded in late October 2009 and drilled to a TD of 730m, slightly shallower than the PTD of 762m. The well targeted sandstones of the Middle to Upper Miocene Air Benakat Formation which encountered hydrocarbons in the discovery well. This is the second appraisal well for the Budi discovery following Budi 2 which was plugged and abandoned as a dry well in early October 2009.  Budi 1 was suspended as a gas with condensate and oil discovery in April 2007. It was drilled to a TD of 2,300m targeting a faulted anticline structure. Preliminary evaluation indicated a 47m oil column (gross) and 14m gas/condensate column (gross), present in six stacked reservoirs in the Middle to Upper Miocence Air Benakat Formation. Gas was later reported to have flowed during an open-hole test from the basal part of the Upper Oligocene to Lower Miocene Talang Akar Formation and Pre-Tertiary Basement at 13.3 MMcfg/d. Recoverable reserves for the field are estimated at around 85 Bcfg, 3 MMbo and 3MMbc as of November 2007. The well was spudded on 4 March 2007 and it had an estimated pre-drill recoverable reserves at 60 MMbo and 365 Bcfg. It also had an estimated cost of US$ 6 million.  Dana 1 was plugged and abandoned with oil and gas shows at a TD of 1,861m (1,636m TVD) in June 2007. The well was spudded on 4 May 2007 and is located approximately 8km northeast of the Sungai Medak North gas discovery. Dana 1 had a PTD of 1,561m and was targeting the Air Benakat Formation sandstones, with Batu Raja Formation carbonates as secondary objectives.  On 17 May 2005, Tately commenced a planned 630km 2D seismic survey using an Elnusa crew which had been mobilised in early April 2005. The acquisition was completed on 10 September 2005.
Tately was likely still offering a farm-in opportunity in the Palmerah PSC, located in onshore South Sumatra, as of late August 2018. The company first announced the farm-in opportunity in late 2017. Potential investors will be involved in supporting future exploration activities in the block, aside from existing production.