Lundin updates Indonesian ops
Wednesday, February 4 2015 - 06:50 AM WIB
Production
Lematang (South Sumatra)
| Production in Mboepd | WI | 1 Jan 2014- 31 Dec 2014 12 months | 1 Oct 2014- 31 Dec 2014 3 months | 1 Jan 2013- 31 Dec 2013 12 months | 1 Oct 2013- 31 Dec 2013 3 months |
| Singa | 25.9% | 1.4 | 1.0 | 1.6 | 1.5 |
The production from the Singa field was below forecast during the year, primarily due to certain facility issues and a shut-in to re-route the gas pipeline. In early 2014, a revised gas sales agreement, with an effective date of 2 January 2014, was put in place for the Singa field resulting in an increased gas sales price of USD 7.97 per million British Thermal Units (MMbtu) compared to the previous price of USD 5.20 per MMbtu. The agreement provides for an annual price escalation.
Exploration
Baronang/Cakalang (Natuna Sea)
Exploration drilling on the Balqis and Boni prospects in the Baronang Block (WI 85%) in the Natuna Sea, Indonesia, was completed during the year. Both wells encountered good quality reservoirs at the projected Oligocene level but neither well encountered any hydrocarbons and were declared as dry 12 holes. Lundin Petroleum is in the process of relinquishing both the Baronang and the Cakalang Blocks.
Gurita (Natuna Sea)
In October 2014, Lundin Petroleum announced that the exploration well on the Gobi prospect in the Gurita Block (WI 90%) was unsuccessful and has been plugged and abandoned as a dry hole.
South Sokang (Natuna Sea)
A 3D seismic acquisition programme of 1,000 km? has been completed on the South Sokang Block (WI 60%) in 2013. The seismic processing and interpretation is substantially complete with both oil and gas prospectivity identified at Miocene and Oligocene levels.
Cendrawasih VII (Papua)
Lundin Petroleum is undertaking geological and technical studies on the Cendrawasih VII Block (WI 100%), offshore eastern Indonesia.
Cendrawasih VIII (Papua)
In November 2014, Lundin Petroleum entered into a joint study agreement for 100 percent of the exploration Block Cendrawasih VIII which is contiguous to Cendrawasih VII Block. (end of excerpt)