Lion: Lofin-2 flows gas, confirms material discovery
Thursday, May 28 2015 - 01:37 AM WIB
ASX-listed Lion Energy Ltd said that the Lofin-2 well appraising the 2012 Lofin-1 discovery has met key pre-drill objectives.
The company said in statement Thursday that it has significantly extended the proven gas column and provides valuable geological and engineering data including fluid samples, core data and wireline log data.
It added that wireline pressure tests and samples, supported by the ongoing open hole test results, indicates a potential gas column of at least 1,106 meters. This gas column could be up to 1,300 meters based on evaluation of gas readings and interpretation of pressure data.
?Testing of an open hole section of Lofin-2 is ongoing with the well flowing gas at up to 17.8mmcfpd through a 52/64? choke at 2250psi flowing pressure,? Lion said.
The well is also flowing some water interpreted to be from the lower part of well below the substantial gas column. The well is currently undergoing a multi-rate test to provide valuable reservoir engineering data. The forward plan is currently under discussion within the joint venture.
Commenting on the results Lion?s CEO Kim Morrison noted ?The test results confirm the significant gas potential in the Lofin feature. Valuable data has been obtained and we look forward to working with the operator in the evaluation and integration of well results on this material discovery for Lion.?
Lofin-2 is located in the Seram (Non Bula) PSC in eastern Indonesia. Lion has a 2.5 percent interest in the Seram (Non Bula) PSC which is operated by CITIC Seram Energy Ltd (51%) with other co‐venturers being KUFPEC (Indonesia) Ltd (30%) and Gulf Petroleum Investment Company (16.5%).
Editing by Reiner Simanjuntak