Singapore Petroleum slides after Jeruk oil reserves estimate cut

Singapore Petroleum Co Ltd (SPC) was sharply lower after the estimated reserves for the Jeruk oil discovery in offshore east Java, Indonesia has been reduced following recent tests. Sampang PSC operator Santos Ltd said it will most likely trim the reserves estimate at Jeruk to below the 170 mln barrel forecast made in January 2005. Santos holds a 40.5 pct interest in the Sampang PSC., SPC has 36.0 pct, Cue Energy Ltd has 13.5 pct and PT Petrogas Oyong Jatim 10.0 pct. SPC was down 0.30 sgd or 5.61 pct at 5.05 with 6.85 mln shares traded.