Lion Energy reports higher Q3 production from Seram PSC
Thursday, October 31 2013 - 04:34 AM WIB
ASX-listed Lion Energy said that oil production from the Seram (Non Bula) PSC in the third quarter of this year increased slightly to 229,903 barrels from 229,206 barrels in the previous quarter.
The company said in a quarterly report statement received Thursday that daily average production during the third quarter stood at 2,499 bopd, marginally down from 2,519 bopd in the second quarter due to well downtime.
A crude oil lifting of 325,062 barrels was completed on September l9th 2013, which netted the company proceeds of US$750,013 in late October 2013, it said.
Lion Energy, through its wholly owned subsidiary Lion International Investment Limited, holds a 2.5% contractor equity in the Seram (Non Bula) Block Renewal PSC onshore Seram Island. The operator is CITIC Seram Energy Limited (51%). Other partners include KUFPEC (Indonesia) Limited (30%) and Gulf Petroleum Investment (16.5%).
Lion further said that the Seram (Non Bula) PSC joint venture has committed to drilling an appraisal well to follow up on the significant potential of the Lofin prospect as indicated in the initial discovery well Lofin-1 drilled during 2012. The well flowed gas and oil/condensate at a rate 15.7 MMSCFD and 171 BPD of 3.1 API oil/condensate, with flowing wellhead pressure 4,750 psi on 26/24 inch choke.
On the South Block A PSC, North Sumatra, a new 170 km 2D seismic is in the process of being acquired and is expected to lead to the drilling of one exploration well in 2014. Seismic is to be acquired over the Simpang Deep lead, the Djernah lead, the Amanah lead, the Sungai Iyu lead and the Paya Bili Lead.
Editing by Reiner Simanjuntak