Newly Oil Producing Asset with Multiple Low Risk Prospect of Karang Agung Block, South Sumatra, Indonesia

Excellent Producing Asset with Multiple Low Risk Potential Prospect and Huge Basement Fractures Resources of Karang Agung Block, South Sumatra Basin, IndonesiaOdira Energy Karang Agung opens potential partners / investors to participate in operating Karang Block that is located in Banyuasin regency, South Sumatra, Indonesia. The block has been producing through a field namely Ridho Field since 2017 with total cumulative production to date is around 200 MSTB from 2.4 MMBO recoverable reserves (2P). Beside, two contingent resources, Kubu and Rahmat, with 2C resources equivalent to 25 BCF are ready to be commercialized.

Multiple low risk lead and prospects are already identified through seismic mapping that includes the nearby Ridho step out opportunities of Syafaah and Sakinah, Pahala, Rizki, Berkah, Marfuah and Basement fractures of Rahmat. As from the mapping, the total volumetric are equivalent to 118 MMBOE.

The development strategy will be to maximize Ridho production through work-over and infill drilling. Afterwards, proceeding with step out drilling of Syafaah and Sakinah, and moving forward with more risky exploration activities such Wildcat drilling and 3D seismic acquisition in Pahala, Rizki and Basement fractures potential.

Odira Energy currently holds 100% participating interest of the block. The farm out offer will be prioritized to potential investor who intend to takeover 100% of the share or become an operator for the block (more than 50% of share holders).