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Gold/Mining/Energy : Tracer Petroleum (TCXXF)
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To: Dave K who wrote (454)2/1/1998 1:43:00 PM
From: Jim Daly  Read Replies (1) of 1261
 
Sorry you are correct. When I looked at a map of Borneo I saw that there are 2 towns on the north eastern coast called Tanjung Selor and Tanjung Redep I assumed that Tracers' holdings should be near there.
I double checked the annual reports and see that I am mistaken.

SULAWESI NORTH TANJUNG BLOCK NORTH TANJUNG BLOCK
Tracer's 1.2 million acres of the North Tanjung Block ("NTB") is situated onshore the island of Borneo in the Indonesian provinces of South and Central Kalimantan. It is located immediately to the north of the Tanjung Oil Field, a major oil accumulation with over 800 million barrels of original oil in place. This field started production in 1938 from the Eocene Lower Tanjung Formation sandstone and peak production of 49,000 BOPD was reached in 1963. To date, over 125 million barrels have been produced. The same reservoir formations, trap types and source rocks are present in the NTB.
Existing infrastructure in the area includes an underutilized 20" pipeline running across the eastern portion of the Block on its way to a 250,000 barrel per day refinery at the East Kalimantan coastal city of Balikpapan. The large liquefied natural gas plant located at Bontang, approximately 200 miles from the northern part of the Block, may provide access to a market for any gas discovered. These industrial facilities improve the economic viability of any discovery on the Block, by enabling low cost and rapid exploitation in the event of a sizable discovery.
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