RH Petrogas strikes oil in Salawati Basin PSC
Thursday, March 7 2013 - 10:52 AM WIB
SGX-listed RH Petrogas Limited said that its wholly owned subsidiaries Petrogas (Basin) Ltd (PBL) and RHP Salawati Basin B.V. (RHPSB) have discovered oil at the South East Walio-2 exploration side-track well (SEW-2/ST Well) drilled in the Basin PSC, Sorong area, West Papua.
The well tested an average of 100 BOPD (barrels oil per day) of production from the Kais Limestone reservoir. The properties of the oil recovered was light and sweet with 35? API, the company said in a press statement on Thursday.
The drilling of the well was completed in December 2012 and the well has been put on extended production test using open hole completion since 5th February 2013.
The Group is preparing the POP (Put On Production) plan for submission to the upstream authority SKK Migas to bring the well into production via existing infrastructure located nearby.
The SEW-2/ST Well was drilled to test a new concept in the southwest extension of the South East Walio field following a new limestone fracture study conducted around the area recently.
The company?s Chief Executive Officer Tony Tan said that the SEW-2/ST discovery has further confirmed the upside potential in the block. ?We will continue to carry out subsurface studies and test new concepts to discover untapped reserves and add on production,? he said.
The company through PBL and RHPSB has an aggregate 60 percent working interest in the Basin PSC. The other partners are PetroChina International (Bermuda) Ltd. (30 percent) and PT Pertamina Hulu Energi (10 percent). The consortium, as contractor of Indonesian government operating under the supervision of SKK Migas, has actively explored and produced oil and gas in the working area.
Editing by Benget Besalicto Tnb.