Peko Lifts Oil, Gas Output By 118pc

Sydney Morning Herald

Wednesday October 26, 1988

By ROFF SMITH, Resources Writer

Takeover target Peko Oil Ltd lifted oil and gas output for the September quarter by 118 per cent to 443,000 barrels, thanks to upgraded production facilities on the Jabiru field and a successful exploration program.

The September quarter was the first to reap the benefits of a significant upgrading of the drill ship Jabiru Venture which, Peko directors said, is now producing more than 45,000 barrels a day.

The upgrading, which saw the Jabiru Venture shut down for an extended period, took place during the June quarter and made that period's production figures artificially low at 203,000 barrels.

The latest figures were affected by the shutdown of the Claymore field in the North Sea as a result of the Piper Alpha oil rig disaster in early July, which cost Peko about 55,000 barrels of oil for the quarter.

Occidental, which operates both the Claymore and the destroyed Piper Alpha platforms, reportedly has said Claymore could be back in operation before the end of the year.

Gas production for the quarter - all of which came from US operations -rose to 598 million cubic feet, compared with 502 million in the June quarter

Peko currently is the target of a $448 million takeover bid by Santos Ltd.

© 1988 Sydney Morning Herald

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