Lion updates progress of Seram exploration
Thursday, March 22 2012 - 02:08 AM WIB
Australia-listed oil and gas company Lion Energy Limited said the drilling of the LOFIN-1 exploration well in Seram (Non Bula) Block, Seram Island, eastern Indonesia, has reached measured depth of 9,644 feet (2,939.3 meters) as of March 20, 2012.
The company said in a press statement on Thursday that the current operations were to continue drilling 12 inch hole to approximately 3,350 meters (10,990 feet) .and set 9 5/8 inch casing, prior to drilling out into the well?s primary objective the Manusela Carbonate at depth of 3,328 meters (10,918 feet).
The LOFIN-1 exploration well was spudded on 17 January 2012 and is expected to take approximately 120 days to drill and test. The LOFIN prospect is identified by 2D seismic lines.
The LOFIN-1 prospect is a thrust fold four-way dip closure anticline, located approximately 56 km to the west of the Oseil producing oil field, which has produced in excess of 10 million barrels of oil since production commenced in late 2002. A gas kick from a shallow water well and oil seepage provide evidence that there is a mature source rock underneath the Lofin area.
LION, through its wholly owned subsidiary Lion International Investment Limited, holds a 2.5 percent shareholding in the Seram (Non Bula) Block Renewal Production Sharing Contract.
The major shareholder and Operator of the Joint Venture is CITIC Seram Energy Limited (51 percent). Other partners include KUFPEC (Indonesia) Limited (30 percent) and Gulf Petroleum Investment (16.5 percent).
Editing by Benget Besalicto Tnb.