SKK Migas approves Quest?s WP&B
Thursday, October 31 2013 - 01:45 PM WIB
ASX-listed Quest Petroleum NL announced on Thursday its work program and budget (WP&B) was approved by upstream authority SKK Migas on Oct. 25, 2013.
As part of the work program submission, Quest conducted research and review of the existing gravity data and has been attempting to identify and acquire relevant existing seismic data for the Ranau block, the firm said in a statement filed with the Australian Stock Exchange.
As part of the ongoing analysis and research, Quest has located several vintage 1993 seismic lines covering approximately 60 line kilometers in the northwest corner of the Ranau block, South Sumatra. Quest has now purchased the seismic and will shortly reprocess the data. The reprocessing will be performed using refraction statics, noise attenuation and pre-stack migration techniques. The cost of the data is minimal and can be reprocessed and interpreted within 1-2 months.
Preliminary review of the raw data indicates that several of the seismic lines cover a structural and gravity high. This reprocessing and re-interpretation should allow clearer definition of the gravity-defined structure.
Importantly, the firm said, this area of the block has less volcanic cover than the initial Prabu-1 drill target, which could facilitate seismic resolution of potential targets and decrease the risk profile for drilling. In addition, the new data can potentially be used to tie to the offset well lmus-1, which is located to the west just outside the boundary of the Ranau block, and further improve the analysis of the potential prospect.
Depending on the results of the re-processing and re-interpretation, Quest may elect to acquire further seismic across the other leads on the block to further define the structure sizes and potential of all drill targets and reduce the risk.
The Ranau PSC covers 2,191km2 of the South Sumatra Basin. Sumatra has a well-established oil and gas industry with some 450 oil and gas fields containing reserves of more than 45 billion barrels of oil equivalent. Recent exploration at the Ranau PSC has identified four sub-basins and 16 highly prospective leads within these.
The Ranau PSC covers an under explored area in an established oil and gas region. Gas discovered on the Ranau PSC can be commercialized through the nearby South Sumatra-West Java (SSWJ) gas transmission pipelines and processing infrastructure. The SSWJ pipelines supply large markets in Sumatra, West Java and Singapore.
Discovered oil may be commercialized through facilities located within 50km of the Ranau PSC. These facilities process and transport oil from the large, Pertamina-operated, fields to the north of the Ranau PSC.
Editing by Johannes Simbolon