update - news release Rift Basin and Grosco are also engaged in several priority initiatives to acquire access, rights and interests in additional nearby and adjacent oil and gas fields, as well as progressing negotiations to acquire several advanced CBM project interests in conjunction with a significant third party financing commitment.
A permanent representative office is being established in Jakarta. Initial workover wells have now been selected, cash flow models, budgets and work programs detailed, service providers selected, and local on-site management and operating expertise arranged.
Well selection has been undertaken by Dr. Didit Hadianto, a former director of PT Pertamina and current professor at Institute Technical Bandung (Indonesia's top technical university). Ten wells have been selected for development in the Dandangilo field, depending on results of three selected pilot wells. A further 14 wells have been selected in the Ngrayong field, totalling 24 wells, with more available, subject to data review available from Lemigas.
The company will provide further updates respecting these initiatives as developments occur. There can be no assurance that interests in any or all of these additional projects being pursued will be acquired, financed and/or commercialized.