Petroselat starts development drilling at Selat Panjang block

By Alexander Ginting

IDX-listed firm PT Sugih Energy Tbk reported on Thursday that its unit Petroselat Ltd. started drilling of development well BA-7 at Selat Panjang PSC block onshore Riau on March 31, 2014.

The well will be drilled to the depth of 2,500 meters TVD, targeting Lower Marine Sihapas, Non-Marine Sihapas and Upper Pematang zones. Drilling is expected to be completed in 8 weeks, the company said.

After drilling is completed, drill stem test will be carried out, to be immediately followed by drilling of two more development wells, namely BA-8 and BA-9 .

Petroselat has obtained approval for plan of development (PoD) for Pematang field, which lies within the PSC area.

Under the PoD, the field is expected to produce 4,400 barrels of oil per day (bopd) and 24 mmscfd of gas or cumulatively 8,538 barrels of oil equivalent per day (boepd).

The peak production will be reached in 2018.

The block is estimated to hold 37.5 million stock tank barrels of oil (mmbstb) and 118.4 bscf (billion standard cubic feet) of gas.

Petroselat has indirect stake of 55 percent in the block.

Editing by Reiner Simanjuntak