(Alliance News) - Oil and gas firm Andalas Energy & Power PLC on Friday said it has begun workover operations at a well in the Betun-Selo KSO, Sumatra, as it aims to exceed its 150 barrel of oil per day production target.
Workover of the BTN 03 well at the project has commenced after Andalas secured approval from the Indonesian government and Indonesian state-owned oil firm PT Pertamina.
The operations are part of a four-well workover plan at the project, Andalas said.
Andalas added: "Commissioning of the new water injection pump is ongoing. A further announcement will be made once this is in operation and production across the 4 wells is at a stabilised level."
Chief Executive Simon Gorringe said: "We are pleased with the progress at Betun Selo especially now that we have secured all of the permits for BTN 03 and have commenced the workover.
"We look forward to combining the production from BTN 03 with the other three-wells plus the yet to be commissioned water injection pump to enable us to reach and, I hope, exceed our target production rate of 150 barrels of oil per day gross."
Shares in Andalas were 4.0% higher at 0.13 pence each in London on Friday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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