PT Suma Sarana continued to look for partners to farm-in on its Semai III PSC, located in offshore West Papua, in Q4 2017. The company is looking for partners to participate in a two-well drilling programme, with the possibility to obtain a working interest in the block. The two-well commitment is to be completed before July 2019. It is understood that the exploration period of the PSC has been extended from the previous expiry date of July 2017.  An approximately 1,250 km 2D seismic survey, consisting of 53 lines, was acquired by the operator in 2012. The block is also covered by 29 earlier 2D seismic lines, with total length of 768 km. According to the company's report, the block has five prospects (Cucak Ijo, Poksai, Murai Batu, Murai Batu West and Ciblek) situated within water depth from 70 m to 400m. Primary target in the block are Middle to Early Jurassic sandstones while secondary targets are Oligocene clastics and Triassic sandstone formation.    Earlier as of April 2015, the company was offering up to 80% shares and operatorship rights in the block.     The block was originally awarded to PT Suma Sarana in November 2008. It was part of Migas' 2007 Tender Round and it was offered under the regular tender mechanism. After tax splits are 65/35 for oil and 60/40 for gas, in favor of the government. A total of USD 87.45 million was committed for the first three years of exploration and this includes acquisition of 1,250 km of 2D seismic data and drilling of two exploration wells. Signature bonus paid was USD 6 million.    For further information, interested parties may contact:    Sukanda Chandrahayat  General Manager  chandra@sumasarana.com    Background Information    A 1,250 km 2D seismic survey was completed over the block on 29 February 2012. The survey commenced on 16 January 2012 and was conducted by PT BGP Indonesia using the âBGP Surveyorâ vessel. Data will likely mature prospects for drilling, targeted to be conducted possibly in 2013.  The block covered an original area of around 2,270 sq km and no exploratory drilling has taken place within its boundaries. After partial relinquishments, the block has been reduced to approximately 450 sq km. The acreage was previously covered by the Teluk Berau PSC which was relinquished in 1984. Primary reservoir targets in the area could be Jurassic carbonates or shallow marine sandstones. Secondary targets are Permian sandstones, Triassic sandstones and Miocene carbonates.
PT Suma Sarana continued to look for partners to farm-in on its Semai III PSC, located in offshore West Papua, in Q4 2017. The company is looking for partners to participate in a two-well drilling programme, with the possibility to obtain a working interest in the block. 