Gulf Indonesia Announces Discovery

An offshore oil discovery was made in the partner-operated Pangkah PSC, in which Gulf Indonesia holds a 12 per cent working interest. The Sidayu-1 well, drilled by Transocean Sedco Forex’s jackup, Trident 17, flowed 1,450 barrels of oil per day during testing from a vertical wellbore. The well is located seven kilometres northeast of the Ujung Pangkah-1 oil and gas discovery well drilled in late 1998. Drilling of the Ujung Pangkah-2 delineation well, located two kilometres west of Ujung Pangkah-1, is currently underway.