Lundin updates Indonesian ops
Thursday, August 8 2013 - 06:31 AM WIB
Production
Lundin Petroleum?s assets in Indonesia are located in the Natuna Sea and offshore northeastern Indonesia and onshore South Sumatra. The Indonesian assets consist of approximately 24,750 km? of exploration acreage and one producing field onshore Sumatra.
| Production in Mboepd | WI | 1 Jan 2013 ? 30 Jun 2013 6 months |
1 Apr 2013 ? 30 Jun 2013 3 months |
1 Jan 2012 ? 30 Jun 2012 6 months |
1 Apr 2012 ? 30 Jun 2012 3 months |
1 Jan 2012 ? 31 Dec 2012 12 months |
| Singa | 25.9% | 1.6 | 1.6 | 0.9 | 0.6 | 1.0 |
The production for the reporting period increased compared to the same period last year following wellhead repairs on the Singa field.
| Average price per boe expressed in USD | 1 Jan 2013- 30 Jun 2013 6 months |
1 Apr 2013- 30 Jun 2013 3 months |
1 Jan 2012- 30 Jun 2012 6 months |
1 Apr 2012- 30 Jun 2012 3 months |
1 Jan 2012- 31 Dec 2012 12 months |
| Quantity in Mboe | 263.9 | 132.1 | 162.2 | 64.4 | 338.1 |
| Average price per boe | 32.32 | 32.74 | 32.83 | 33.35 | 32.43 |
Exploration
Baronang/Cakalang
Exploration drilling on the Baronang Block (WI 90%) is planned to commence in the fourth quarter of 2013 with a well and a sidetrack targeting the Balqis and Boni prospects. A rig has been identified for the purpose of drilling the well and the sidetrack.
Gurita
Following the completion of the interpretation of the 3D seismic acquisition of 950 km? acquired in 2012, the Gloria A prospect has been identified as the targeted prospect for the 2013 exploration well on the Gurita Block (WI 90%). The Gloria A prospect is a fault-dip closure on the south flank of the Jemaja High, with stacked closures at multiple levels for Oligocene aged fluvial and alluvial sands which have been proven in many wells in the Natuna Basin. The Gloria A prospect is scheduled to be drilled in 2013 immediately following the completion of the drilling of the Balqis and Boni prospects on the Baronang Production Sharing Contract (PSC).
South Sokang
A 3D seismic acquisition programme of 1,000 km? has been completed on the South Sokang Block (WI 60%) during the reporting period. The seismic processing and interpretation is schedule to be completed in the first half of 2014.
Cendrawasih
In July 2013, Lundin Petroleum announced that it has signed a new PSC with SKKMigas whereby Lundin Petroleum is swapping its Sareba Block with a new Block called the Cendrawasih VII Block (WI 100%) offshore northeastern Indonesia.
Licence farm-out
During the reporting period, Lundin Petroleum signed an agreement with Nido Petroleum Limited (Nido) whereby Nido is acquiring a 10 percent interest in the Baronang, Cakalang and Gurita PSCs in return for paying their pro-rata share of back costs and a disproportional share of the exploration costs associated with the drilling of the Baronang and Gurita wells. Nido also has an option to increase its participating interest in all three PSCs with up to an additional 10 percent on the same terms. The option expires once the drilling campaign commences. The farm-out agreement with Nido is subject to governmental and regulatory approvals. (end of excerpt)