Saka: Spudding of Sidayu-4 well to be completed end-March
Tuesday, March 8 2016 - 04:14 AM WIB
PT Saka Energi Indonesia, a subsidiary of state-controlled gas distribution firm PT Perusahaan Gas Negara (PGN) Tbk, expects the spudding of the Sidayu-4 exploration well in Pangkah PSC, offshore East Java, will be completed by the end of this month.
?Spudding in Sidayu-4 well is still on-going and it is expected to be finished late March," Chief Operating Officer Tumbur Parlindungan said to Petromindo.com.
The drilling began in mid-January, he said earlier. After the drilling, his firm would submit a Plan of Development (PoD) for the block in June 2016, according to Tumbur.
In October 2015, Saka announced a significant discovery during the drilling of the Sidayu-3 exploration well on Aug. 17, 2015 with preliminary assessment indicating reserves amounting to 300 million barrels of oil.
The Sidayu discovery is the latest in the string of success made by the firm during exploration in recent years. Five months ago, the firm also announced the discovery of gas at the SIS-A#1 wildcat well in South Sesulu block, offshore East Kalimantan.
The Pangkah block, located off the northeast coast of Java, is 100 percent owned by Saka. The firm bought out the block from American firm Hess Corp in two transactions worth US$915 million executed in 2013 and 2014.
Editing by Reiner Simanjuntak