Medco abandons S. Sumatra Banteng-1 exploration well

Canadian junior oil company Serica Energy Corporation said Thursday operator PT Medco Energi E&P had plugged and abandoned the first exploration well at Banteng prospect of Lematang PSC onshore South Sumatra.

?The Banteng No. 1 exploration well, drilled to a measured depth of 11,418 feet, was terminated in basement rock recently, but the target Baturaja limestone formation was not encountered,? Serica said in a statement to TSX Venture Exchange of Canada.

According to Serica, the Banteng-1 well was spudded on June 25 and after logging the final open hole section earlier this month (September), the well was abandoned.

?Serica had a 10% carried interest in the well, and thus did not contribute to the US$9.2 million cost,? the company added.

Lematang PSC comprises the Harimau, the Singa, the Banteng, the Tapir, the Siamang, the Kijang, and the Tupai fields. The Banteng is a large gas prospect with most likely gas reserves of over 500 billion cubic feet (BCF).

The Banteng-1 drilling operation was carried out by drilling company PT Apexindo Pratama Duta. (Robert)