Kufpec, Kalrez to abandon Lola Kecil-1 well

Australian listed oil firm Kalrez Energy Limited said on Tuesday that its joint venture partner and the operator of Seram Block in Maluku, PT. Kufpec (Indonesia) Limited, is proceeding to plug and abandon the Lola Kecil-1 exploration well.

Kalrez said the well had reached total depth of 6,000 feet and had been analyzed. All porous intervals had been found to be water bearing, and in fact no interval is believed to contain any moveable hydrocarbons.

The company further said the rig will demobilize and move to Oseil oilfield to drill a sidetrack well on the Oseil II production well.

The Lola Kecil prospect lies between the Seram coastline and the Oseil development, which is currently under construction.

Kalrez said further while the result of the Lola Kecil well is disappointing, it remains optimistic about the exploration and development potential for the Seram (Non Bula) Block.

Kufpec (Indonesia) Limited, the block?s operator has 97.5 percent working interest in Seram block, while Kalrez holds the remaining 2.5 percent. (robert)