Nido: Gobi-1 well to be drilled in Q4
Tuesday, May 27 2014 - 05:10 AM WIB
ASX-listed Nido Petroleum said that the Gobi-1 well in the Gurita PSC in Natuna Sea is scheduled to be drilled in the fourth quarter of 2014, targeting multiple stacked Oligocene aged sandstones.
This was said by the company in a presentation material last week. It said that dry and minor gas shows of earlier exploration drilling programs at Balqis-1 and Boni-1 in the Baronang PSC, also in Natuna Sea, will not impact the planned drilling at Gobi-1.
The Gurita PSC is located adjacent to number of major oil and gas fields such as the Belida Field to the north-east of the Gurita PSC which had about 350 mmbbls reserves and peak production of 140,000bopd.
Operator?s 3D seismic mapping has identified a large portfolio of Prospects and Leads from which the Gobi Prospect has been high-graded for drilling. The Gobi-1 exploration well will test the oil potential of multiple reservoir objectives within the Lower Arang , Udang, Gabus and Belut Formations located within a 3D defined structural closure. Estimated prospective resource potential is estimated by Nido at 24 mmbbls (best case, gross, unrisked).
Nido is earning a 10 percent participating interest in the PSC by paying a disproportionate share of the exploration costs associated with the drilling of the wells as well as paying 10 percent of past costs. Swedish firm Lundin Petroleum AB is the operator of the PSC with 90 percent interest.
Editing by Reiner Simanjuntak