Backup Block Backer-Manta-Gummy (BMG) of Roc Oil Company Limited, Australia experienced a decline from 18 million barrels to only 3 to 5 million barrels. The company owns 10 percent stake in the Block.
Based on the official website ROC Oil Company, Friday (5/2/2010), the decrease in reserves is the result of the initial reservoir simulation conducted by the ROC. "ROC has been holding an independent consultant, RISC (Resource Investment Strategy Consultants) to review the results of reservoir simulation and reserve estimates have been done ROC," said the ROC is the official site.
The results of reviews conducted by the RISC to be completed by the end of next February and it review results will be compared with the initial reservoir simulation results produced by the ROC on December 31, 2009. In addition, the current ROC is also evaluating a plan's first phase development project of two phases of oil and gas projects in the block BMG Gas Phase-2.
The ownership of shares in block consisted of 30 per cent stake owned by Roc Oil (VIC) Pty Limited (Operator), Coast Energy Limited 30 percent, CIECO Exploration and Production (Australia) Pty Ltd 20 percent, Sojitz Energy Australia Pty Ltd of 10 percent and Pertamina Upstream Energy Australia Pty Ltd for about 10 percent
PT Pertamina Upstream Energy Australia, subsidiary of PT Pertamina (Persero) to buy shares of 10% in the Basker Manta Gummy Project of Roc Oil Company Limited, Australia worth A $ 31.5 million on May 27, 2009.
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