3rd exploration well encounters 31m of net coal at Kutai West CBM PSC
Friday, June 15 2012 - 01:25 AM WIB
CBM Asia Development Corp. said that a third exploration well (CBM-KW-04) at the Kutai West Coalbed Methane Production Sharing Contract (Kutai West CBM PSC) block has reached target depth of 1,000 meters on May 26.
CBM Asia holds an 18 percent working interest in the Kutai West CBM PSC, located in East Kalimantan.
CBM-KW-04 well logs indicate 31 meters of net coal in the Balikpapan Formation which is in line with the CBM-KW-01 net coal thickness of 32 meters and is 24 percent thicker than the 25 meters of net coal found at the CBM-KW-02 well, the company said in a statement issued Friday.
The drilling rig is now in transit to the next exploration well location, CBM-KW-03, which is south of the first three wells. The CBM-KW-03 well is expected to spud within the next week and will test the continuity of coal targets of the block.
"We are encouraged by the results of the CBM-KW-04 well logs as they confirm continuous thick coal seams through the eastern section of the block," comments Alan Charuk, President and CEO of CBM Asia.
Editing by Reiner Simanjuntak