CITIC to spud Lofin-1 soon
Tuesday, December 6 2011 - 09:44 AM WIB
CITIC Seram Energy Limited (CITIC), the operator of Seram Non Bula Block PSC in Eastern Indonesia, says it expects to spud exploration well Lofin-1 early in January 2012.
The company said in a statement that the Lofin-1 prospect is a thrust fold four-way dip closure anticline, located approximately 56 km to the west of the Oseil producing oil field, which has produced in excess of 10 million barrels of oil since production commenced in late 2002.
The well is expected to take approximately 120 days to drill and test.
CITIC owns a 51% stake in the block. Other partners include KUFPEC (Indonesia) Limited (30%), Gulf Petroleum Investment (16.5%) and Lion, that through its wholly owned subsidiary Lion International Investment Limited, holds a 2.5% stake. (romel)