MEO Australia
energy for the future
| North Sumatra Exploration | |
|---|---|
| MEO Interest | Seruway Offshore Exploration Company Ltd: 100% (Operator) |
| Location | Seruway PSC, offshore Aceh province, North Sumatra, Indonesia |
| Joint Venture | N/A |
| Work Program |
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| Status/Potential | MEO acquired the Seruway PSC, covering 3635km2 and containing two significant gas discoveries: Gurame and Kuala Langsa, from Transworld Exploration Ltd in 2011. These discoveries intersect multiple reservoir horizons (Baong, Keutapang, Belumai, Peutu), which are believed to be highly prospective across the block. The block is in year eight of a 10 year exploration term. The Gurame gas field has tested gas from three separate wells Bago-A2, ONS-A3X, ONS-A5X and is located close to shore on the northern section of the block. The Kuala Langsa-1 well tested gas (high CO2 content) and the field sits across shallow water to onshore and straddles the permit boundary with the adjacent onshore Block-A. MEO's plans are to appraise the discoveries within the block with a view to submitting a Plan of Development and to enhance the significant exploration potential of the remainder of the block. Transworld Exploration Ltd hold various cost recovery, net profits interest and back in rights to the Seruway PSC – refer ASX release (28 June 2011). |
| Surrounding Area Activity | Arun LNG Plant The long running Arun LNG plant (operated by ExxonMobil), onshore Aceh, currently operates at ~50% of it's current 4Mtpa nameplate capacity (from 2 production trains). With the reserves capacity at the Arun gas field declining, production at the LNG plant is slated to cease in 2014. Onshore Block-A The block contains circa 650BCF of gas onshore in three discoveries and under the approved Plan of Development (2008) and associated gas sale agreements, PT Medco (operator) and the joint venture proposes a development to supply the local PT Pupuk Iskander Muda (PIM) fertiliser plants and the state owned PLN electricity plants. First gas production is forecast to commence in 2013. Onshore Gas Markets Onshore Aceh Domestic Gas Demand currently runs at >120mmscfd; and has recently been growing at ~4-6% pa. The key consumers of gas in North Sumatra are:
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