Kalrez gets shipments away

Perth-based oil and gas player Kalrez Energy told the stock exchange yesterday that May shipments from its Bula Field in Indonesia totalled 40,505 barrels of oil. At an oil price of $US23.15 per barrel, this resulted in gross revenue totalling $US937,690.75.

Kalrez said the net revenue figure - after deducting freight and first tranche petroleum costs - should be received by the end of this month or in the first week of July,

With its small stake in the Seram Joint Venture, Kalrez is also participating in the drilling of Lola Kecil-1, which is now at 1356m and only 8m from the top of the target formation.