Exxon Finds 2nd Oil Field at Indonesia Cepu Block

Exxon Finds 2nd Oil Field at Indonesia Cepu Block

Monday, April 25, 2011
Dow Jones Newswires
by Andreas Ismar

ExxonMobil's Indonesian unit said it has discovered a second oil field at the Cepu Block it operates in East Java Province.

"Its similarity to the other Cepu fields provides confirmation of our exploration strategy on the block, and its proximity to Banyu Urip provides a good opportunity to advance development of this new oil discovery," Mobil Cepu Ltd. President Terry McPhail said.

The well is located about 14 kilometers from Banyu Urip, the first oil field found on the Cepu block in 2001.

The company will analyze data from the newly found Kedung Keris-1 field to evaluate the resource potential of the reservoir.

Mobil Cepu and Ampolex (Cepu) Pte. Ltd., both subsidiaries of Exxon Mobil, have a combined 45% stake in the block, while Pertamina EP Cepu owns 45% and the Cepu Block Cooperation Body, or BKS, holds the remaining 10%.