MEO reports resources estimates in Seruway

By Ruli Setiawan

Seruway Offshore Exploration Limited (SOEL), a wholly owned subsidiary of MEO Australia Limited that operates the Seruway PSC, reported resource estimates as it is undertaking preparation for a partial sale process of the PSC.

The company said in quarterly report on Wednesday that the estimates were prepared for the Kuala Langsa gas discovery and the prospects on the Ibu Horst ? namely Juaro and Ibu Alpha.

SOEL has 100 percent equity in the PSC.

The Kuala Langsa gas discovery was made by a well drilled in the adjacent permit and has been mapped by MEO to continue into the PSC.

Reservoir quality intersected by Kuala Langsa-1 was excellent, however the gas has a high level of CO2which industry has claimed is up to 80 percent. Technical work undertaken by MEO suggests the CO2 is more likely 50-60 percent, which while still high, results in at least a doubling of the hydrocarbon gas content.

The 2C contingent raw gas resource on permit is estimated at 1.5 Tcf.

The Juaro prospect was drilled by ONS B-1. The well flowed gas on testing and recovered 37o API oil, suggesting an oil accumulation below a gas cap.

The high quality Ibu Horst 3D seismic acquired by MEO in early 2012 has provided the resolution to map the reservoir distribution away from the discovery well onto the flanks of the Ibu Horst, where the reservoir thickens. Estimates of the prospective recoverable oil resource trapped in the main accumulation is 236 MMstb (Best Estimate), with a further 64 MMstb in additional, independent subsidiary structures.

A second prospect to the north of Juaro ? Ibu Alpha ? was identified by following up an earlier discovery well (NSO 2N) which recovered gas from a different stratigraphic target. The Ibu Alpha Prospect is considered prospective for oil with an estimated recoverable prospective oil resource of 24 MMstb (best estimate).

Editing by Dadan Wijaksana