Medco spuds South Sembakung-2 exploration well

Australian firm CityView Corporation Limited said Tuesday operator Medco Simenggaris-Pertamina JOB had spudded the South Sembakung-2 exploration well in the Simenggaris PSC onshore East Kalimantan.

?The well has reached a depth of 1453 feet: the target depth being 8525 feet,? CityView said in a statement.

CityView, which held a 2.5 percent interest in the block, is free-carried through the drilling of South Sembakung-2. However, the company is entitled to the recovery of its previous payments of US$1,993,684.

The exploration of the South Sembakung-1 gas field was carried out by Arco in early 1970s.

Prior the South Sembakung-2 well, the operator completed drilling of the Sesayap-B1 well at the same block. The primary log evaluation of the well indicates all potential reservoirs are wet and/or well developed. The operator has decided to plug and abandon the well.

Medco?s shared in this block is 62.5 percent through Medco Simenggaris Ltd. (Robert)