Release: Lion Energy: Drilling update Neif Utara A-1 well
Thursday, April 24 2008 - 05:37 AM WIB
Progress to date includes:
- 20 inch casing set at 204 feet.
- 13 3/8 inch casing set at 1 ,508 feet
- 9 5/8 inch casing set at 4,494 feet.
- 7 inch casing set above the objective Manusela formation at 6,705 feet.
Planned TD is 7,309 feet.
Current Status
Drilling ahead with directional bottom hole assembly at 6,661 feet after tagging top of cement (from the setting of the 7 inch casing) at 6,608 feet.
Forecast
Continue drilling 6 1/8? hole to objective Manusela formation.
Overview
The Neif Utara A prospect is an elongate thrust and reverse-fault controlled four way dip closed anticline, situated at the southeast end of the Oseil high trend, along the Oseil - East Neif anticlinorium.
The primary target is the Manusela Carbonate, interpreted to be similar in reservoir characteristics to the nearby Oseil oilfield, which is currently producing at approximately 4,000 barrels of oil per day (BOPD), with cumulative production to 31st December 2007 of 6,533,631 barrels of oil (BO).
For the Neif Utara A prospect, deterministic stock tank original oil in place (STOOIP) has been estimated at 34 million standard barrels of oil (MMSTBO) and reserves of 10.2 MMSTBO using a 30% recovery factor.
SERAM (NON-BULA) PSC
LION, through its wholly owned subsidiary Lion Petroleum Seram Limited, holds a 2.5% shareholding in the Seram (Non Bula) Block Production Sharing Contract. The major shareholder and Operator of the Joint Venture is CITIC Seram Energy Limited (51%). Other shareholders are KUFPEC (Indonesia) Limited with 30% and Gulf Petroleum Investment (16.5%).
The block contains the Oseil oilfield which has produced 6,533,631 barrels (to 31st Dec 2007) of crude oil since initial field start-up in January 2003. (end of release)