Drilling on Amanah Timur-1 well will start soon
Thursday, December 1 2016 - 07:40 AM WIB
lionenergy
ASX-listed Lion Energy Limited has reported that it had been informed by the Operator of South Block A PSC contractor in Aceh Province that work is progressing on schedule for the spud of Amanah Timur-1 exploration well.
The company said in a press release on Thursday that assuming satisfactory rig inspection by Government officials, the well was scheduled to be drilled on Dec. 5, 2016.
The well-defined prospect is situated within a highly productive hydrocarbon trend and is covered by recently acquired seismic, with a high probability of success. The well has a planned total depth of approximately 530m subsea and will target Late Miocene age Keutapang Formation sandstone reservoirs which have delivered over 600 mmbbl oil, 2.2 tcf gas and 50 mmbbl condensate in close proximity.
Site preparation complete and rig has been mobilized to the location. Well drilling was scheduled to take 15 days including anticipated testing time. The cost of drilling and testing is estimated at US$1.3mil (US$0.53mil net to Lion).
Lion?s CEO, Kim Morrison, said that the drilling of Amanah Timur respresents a key milestone for Lion. ?Planning, site preparation and rig mobilization are proceeding on schedule and we look forward to drilling a safe and successful well,? he said.
Editing by Benget Besalicto ST.