Lofin resource estimate confirms significant gas discovery in Seram Non-Bula PSC
Thursday, October 8 2015 - 01:44 AM WIB
ASX-listed Lion Energy Limited unveiled Thursday contingent resource estimates for the Lofin Field, which confirm a significant gas/ condensate discovery in the Seram Non-Bula PSC, located in eastern Indonesia, in which Lion has a 2.5 percent interest.
The contingent resource estimates compiled by Lion are based on analyses of available data including 2D seismic coverage and data acquired from the Lofin-1 ST and Lofin-2 wells (both wells tested gas and condensate in the fractured limestone of the Manusela Formation)
| Contingent Resource Estimate ? Lofin Field | ||
| Gross (100%) PSC | 1C (P90) | 2C (P50) |
| Gas (bcf) | 879.5 | 2020.1 |
| Condensate2 (mmbbl) | 8.0 | 18.3 |
| Total (MMBOE)6 | 145.5 | 345.9 |
| Net to Lion Working Interest (2.5%) | 1C (P90) | 2C (P50) |
| Gas (bcf) | 21.99 | 50.50 |
| Condensate (mmbbl) | 0.20 | 0.46 |
| Total (MMBOE)6 | 3.64 | 8.65 |
Lion said in a statement that Resources Holdings Limited (CITIC), the operator of the Seram Non-Bula PSC, is currently in discussions with Indonesian regulatory authorities to extend the PSC which is due to expire on October 31, 2019. Obtaining this extension is a key step to allow Lofin Field contingent resources to be converted to reserves, it added.
Lion CEO Kim Morrison noted: ?The contingent resources estimated for the Lofin Field are clearly material for Lion and an important part of our growth strategy in Indonesia. However we caution there is a long way to go prior to commercial production with extension of the existing PSC and further appraisal activities needing to be undertaken.?
CITIC Seram together with its co-participants under the Seram Non-Bula Block PSC, KUFPEC (Indonesia) Limited (30% participating interest), Gulf Petroleum Investment Company k.s.c.c. (16.5% participating interest) and Lion Energy Limited (2.5% participating interest), are entitled to explore and develop oil and gas in the Seram Non-Bula Block PSC until the expiry of the PSC on October 31, 2019.
Editing by Reiner Simanjuntak