Lion: Lofin-2 well achieves milestone
Oseil development well to be spudded late February
Thursday, February 19 2015 - 02:24 AM WIB
ASX-listed Lion Energy Ltd said that Lofin-2 appraisal well has achieved an important milestone, with 9-5/8 inch casing run and cemented to 3,661 meters.
?The forward plan is to drill ahead in 8 1/2? hole to approximately 4513 meters prior to setting 7? liner at the top of the primary objective Manusela Formation limestone, expected at approximately 4,509 meters. After the 7? liner is set (forecast in mid-March) drilling will continue in 6? hole to fully evaluate the Manusela Formation,? the company said in a statement Thursday.
Lofin-2 is located in the Seram (Non Bula) PSC in eastern Indonesia and spudded on October 31, 2014. It is being drilled to appraise the Lofin-1 discovery made in 2012, which flowed 15.7 mmscfgd and 171 bpd oil/condensate from the Manusela Formation. The objective of the well is to extend the 160 meters known hydrocarbon column with recoverable Prospective Resources estimated to be 23mmboe (100% basis, P50 best estimate). The planned TD is 5,425 meters.
The company said the Oseil-27 development well is due to spud in late February and will delineate undrained volumes on the NE flank of the Oseil field. It is projected to add 500 bopd to production. Oseil-27 is another of the Phase 3 wells, (Oseil-21 and Oseil-26 have already been drilled as part of the Phase 3 development). Current plus incremental production from the Phase 3 development, is projected to increase Seram production to approximately 4500 bopd based on operator forecasts.
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%).
Lion?s CEO Kim Morrison noted: ?We are pleased with the steady progress of Lofin-2 and a potentially challenging hole section is now safely behind pipe. The operator has also expedited development drilling on Oseil in the Oseil-2 area and we look forward to increased production as the Phase 3 drilling continues.?
Editing by Reiner Simanjuntak