KrisEnergy uplifts resource estimate of Bulu PSC
Saturday, March 1 2014 - 01:53 AM WIB
SGX listed KrisEnergy Limited said an appraisal well in the Lengo gas discovery resulted in a 58% uplift in its best estimate contingent resources (2C) in the Bulu PSC to 25.40 million of barrels of oil equivalent (mmboe).
The firm said in the 2013 Full Year Report released on Friday its team in Jakarta is working on the plan of development for the Lengo field and is in discussions over the gas sales agreement.
?In April and May 2013, we drilled the Lengo-2 appraisal well in the Bulu PSC, East Java, in which we hold a 42.5% working and operating interest, to delineate the Lengo gas discovery in order to demonstrate sufficient reserves to justify development.
?Lengo-2 was drilled to a total measured depth of 2,748 feet and encountered gas within the Kujung I reservoir formation. A drill stem test (DST) over an interval from 2,415 feet to 2,485 feet flowed 4.3 million cubic feet per day (mmcfd) with a flowing well head pressure (FWHP) of 587 psig. A second DST over the interval between 2,415 feet to 2,511 feet flowed 21 mmcfd with a FWHP of 487 psig with the flow rate limited by equipment,? the firm said.
The development concept comprises an unmanned wellhead platform with four to five wells located at Lengo with a possible single well tie-back from the East Lengo gas discovery, 15 km away in the adjacent East Muriah PSC. Production is envisaged to commence in the second half of 2016 with gas evacuation to market via a 65-km pipeline directly to shore.
According to the firm?s qualified person, NSAI, the firm?s working interest 2C resources associated with the Lengo gas discovery is 25.4 mmboe, a 58.1% increase versus the estimate in 2012.
?We are currently drafting the plan of development for submission to SKK Migas and we remain encouraged by our gas marketing efforts,? the firm said.
Editing by Johannes Simbolon