Medco abandons S. Sumatra Banteng-1 exploration well: Update

Swedish independent oil and gas exploration and production company Lundin Petroleum AB reported Thursday the Banteng-1 exploration well located on the Lematang block has reached its main reservoir objective (the Gumai Sands Formation) at a depth of 3 227 meters.

?Logs were acquired and did identify a thin hydrocarbon gas column at the Gumai sands level. Log analysis however showed that the prospective reservoir section was thinner than anticipated and the well has been declared non commercial,? Lundin said in a statement.

Lundin has 15.88 percent of working interest in Lematang block, while operator PT Medco Energi E&P and Serica Energy Corporation hold 74.12 percent and 10 percent, respectively. (Robert)