another good announcement from krz

Hi all
Wonder what it takes to move this stock?
oil is flowing freely money in the bank and more to come soon still s/price doesnt want to move north
it wont be long now i reckon plenty of accumulation been taking place in the 007-008 cents range and nearly ready to move up a notch or 2
my opinion only please do your own research

Oseil Oilfield Production Update

Document date: Mon 24 Feb 2003 Published: Mon 24 Feb 2003 15:24:43
Document No: 135856 Document part: A
Market Flag: Y
Classification: Progress Report
KALREZ ENERGY LIMITED 2003-02-24 ASX-SIGNAL-G

HOMEX - Adelaide

+++++++++++++++++++++++++
Kalrez Energy Limited is a 2.5% shareholder in the Seram Joint
Venture that operates the Oseil oilfield. The major shareholder, and
Operator of the JV, is KUFPEC (Indonesia) Limited with 97.5%.

Production from the Oseil oilfield commenced on December 30th 2002,
with processing taking place through a Temporary Production System
("TPS") nominally rated to approximately 12,000 barrels per day
throughput.

The TPS facility is a temporary process facility to be utilized until
the permanent facilities currently being installed are completed.
Current expectations are that the permanent facilities will be
available during April 2003.

REPORTING PERIOD FROM MIDNIGHT TO MIDNIGHT
16TH FEB 2003 23RD FEB 2003

Oil produced for the period 80,055 barrels of oil

Average daily production for the period 11,436 barrels of oil

Cumulative oil produced from 31/12/2002 445,842 barrels of oil

Oil sold during the period 241,299 barrels of oil
(as reported in ASX Announcement 06/02/2003)

Oil in stock 204,543 barrels of oil

The above represent total production from the Oseil oilfield as
reported by the Operator. Kalrez entitlement is 2.5% of this
production after deducting operating costs and Indonesian government
entitlements.

COMMENTS

All three wells Oseil #1, Oseil #2 and Oseil #4 on production.

Steam heaters arrived on location 3rd Feb 2003 and remain operating
under field trial control and performing effectively in the TPS
process system to assist in combating foam induced process problems
and to aid water separation (emulsion breakdown).

Current operations are continuing production through the TPS system.

G Mercorella
CHAIRMAN

For further information please contact:

Mr Russell Brimage Mr Guisepe (Joe) Mercorella
Jakarta Office Adelaide Office
Ph: 0011 6221 769 6977 Ph: 08 8239 2666
Fax: 0011 6221 769 7012 Fax: 08 8239 1744
Email: [email protected] Mobile: 0403 680 570
Email: [email protected]

Mr Eddie Smith
Ph: (08) 9362 9330
Fax: (08) 9362 9331