OPERATIONS

Novus production growth on a roll

Novus Petroleum has achieved record gas production, for the third consecutive quarter, of 7,635mm...

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Growth was lead by the Wunut field in Indonesia which delivered its seventh consecutive quarterly increase, peaking at 58mmscfd, and averaging 53mmscfd for the quarter.

At Sorrento Dome in the United States, Novus' first operated well, NUL 13-1, which was drilled in the first quarter, came on production following the end of the quarter at an initial rate of 5mmscfd and 27bopd.

Novus is now expecting gas production from this well to contribute to revenue from the next quarter onwards.

Dr Bob Williams, managing director of Novus Petroleum, said Novus' strategy of focusing on high yielding gas plays in the United States was gathering momentum.

"We are developing a broad spread of quality assets in the United States, and while Indonesia continues to be the cornerstone of our current production, our US initiatives are building a business of similar or larger scale," Williams said.

"Novus is continually evaluating oil and gas assets in the US with the view to expanding our current production.

"Whilst our Padre Island acreage remains an important part of the portfolio, we are evaluating a number of opportunities so that our overall Gulf of Mexico business becomes a more balanced mix of production, exploitation and exploration properties.

During the quarter Novus has also acquired an additional 48% working interest in the Sorrento Dome project, bringing the company's stake to 63%. As the new operator of the project, Novus is now completing technical evaluations of several prospects identified on 3D.

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