Lion: Lofin-2 drilling on schedule
Wednesday, December 24 2014 - 12:57 AM WIB
ASX-listed Lion Energy Limited announced Wednesday the Lofin-2 appraisal well has reached 2,295m MD and 13-3/8 inch casing has been run and cemented.
The well, which was spudded on 31 October 2014, has a planned total depth of 5,425m MD. Lofin-2 is located in the Seram (Non-Bula) PSC in Eastern Indonesia with Lion holding a 2.5 percent interest.
?The well has progressed smoothly to date and is on-schedule,? Lion said in a statement.
It explained that the forward program is to drill 12-1/4 inch hole to approximately 3,657m MD, at which point 9-5/8 inch casing will be set, prior to drilling ahead in 8-1/2 inch hole with the top of the primary objective, the Manusela Formation, expected at approximately 4,514 m MD. ?This objective section is forecast to be penetrated in early-February 2015.?
Lion Energy, through its wholly owned subsidiary Lion International Investment Limited (LII), holds a 2.5 percent, CITIC 51 percent (operator), KUFPEC 30 percent and Gulf Petroleum 16.5 percent shareholding in the Seram (Non Bula) PSC.
The PSC is located onshore on the island of Seram, in Eastern Indonesia and has an area of 1,524 km2.
Kim Morisson, Lion?s CEO noted; ?We are pleased with progress on this exciting appraisal well testing the large Lofin structure. The Lofin-1 ST discovery well, drilled in 2012, encountered a 160m hydrocarbon column in the Manusela carbonate objective without intersecting the water contact. Lofin-2 is designed to delineate the full extent of the hydrocarbon interval and has the potential to prove a material discovery for Lion.?
Lion said that a final crude oil lifting for calendar year 2014 is scheduled for December 26-27, with an expected cargo of approximately 300,000 bbl of crude oil. This will bring the calendar year 2014 lifting total to approximately 1,000,000 bbl.
It added that average production to November 30 was 2838bopd, some 14 percent above Lion?s internal forecast average for the calendar year of 2,500 bopd.
Editing by Reiner Simanjuntak