Lofin-2 appraisal well suspended, rig released: Lion
Tuesday, July 21 2015 - 01:59 AM WIB
ASX-listed Lion Energy Ltd said that the Lofin-2 appraisal well has been suspended as a potential gas producer following a successful testing program in which the well flowed gas at approximately 17.8 mmcfpd with some water and minor condensate through a 52/64? choke.
The company said in a statement Tuesday that the Lofin-2 well reached a total depth of 5861m MD, still within the fractured Manusela limestone objective.
As previously reported, wireline pressure testing, combined with sampling and drill stem test data, indicates a gas column in the large Lofin structure of at least 1106m and potentially up to 1300m. Suspension operations were delayed while the joint venture operator elected to attempt recovery of the section of the drill string which was stuck whilst pulling out of the hole after reaching total depth. The rig was released on July 19, 2015.
?Lofin-2 is an exciting result for Lion and we look forward to working with our co-venturers and the Government on corn mercialising this important discovery,? said Lion CEO Kim Morrison in the statement.
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%).
Elsewhere, Lion said that continuing the active Oseil development program, the Oseil-28 well was spudded on July18, 2015. This follows the completion of the successful Oseil-27 well which is now flowing at a stabilized rate of 740 bopd with no water. The Oseil-28 well is projected to produce 500 bopd and recover approximately 480 mbbl and is economic at current oil prices. The well is located in the Oseil-2 area, the focus of the recently approved 3rd stage of field development.
Editing by Reiner Simanjuntak