CityView Updates Drilling Activities
CityView Corporation Limited announced that it has received notice from PT Medco Energi Corporation, the operator of the Simenggaris and Madura Blocks, that it will award the contract for the dredging of the approach channel at Pidawan in the Simenggaris Block next week.
Dredging will be to a depth of 3-4 meters, a width of 40 meters and a length of approximately 660 meters. Upon completion of the dredging, the drilling of the well at Pidawan can commence immediately.
Site preparations for the drilling of the well at Sebaya in the Madura Block have been completed. Medco will dispatch its rig to the Sebaya site as soon as the land acquisition program has been finalized for the drilling of the second well in the Madura Block at Karasan.
CityView has a 25% interest in both the Madura (674,100 acres) and Simenggaris (675,582 acres) Blocks. All drilling and development work presently being undertaken by Medco is at no cost to CityView. A successful proving of the estimated reserves of the three prospects could yield CityView in excess of US$67 million (Aus$133 million).
CityView is an independent energy company focused on Southeast Asia with prospects in Indonesia and offshore Philippines. The Company's largest shareholder is Malaysia Mining Corporation Berhad, a leading global natural resources company.