WSG announces second gas discovery in Asahan PSC
Wednesday, November 2 2005 - 05:44 AM WIB
WSG said the well showed 22 feet of gas pay in the Middle Keuptapang sandstones.
?The size of the accumulation is not believed to be commercial but the confirmation of the presence of hydrocarbons in the Keutapang sandstones is a significant development for understanding the potential value of other prospects being studied within the block,? WSG said in a statement.
The Togar 1A well is the second of a two-well drilling program. The well was drilled to a total depth of 6,451 ft below mean sea level (ft.ss) and entered gas-bearing Middle Keutapang sandstone at a depth of 3,385 ft.ss. It followed the successful Kambuna #2 well drilled in the Glagah Kambuna TAC Block that tested 17.5 million cubic feet of gas and 1500 barrels of condensate per day.
WSG has changed its business purpose to explore and develop oil and gas greenfields internationally and in North America and has agreed to complete a business combination (reverse takeover) with Duinord Petroleum Inc. After the combination, WSG intends that the new company will trade on the TSX Venture Exchange as GFI Oil & Gas Corporation.
Duinord, through its wholly owned subsidiary, holds a 25 percent interest in the Asahan PSC which is operated by Asia Petroleum Development (Asahan) Limited, a subsidiary of Serica Energy PLC.
?The confirmation of gas and the number of excellent reservoirs found in the Togar-1A well provides great encouragement for future exploration in the Asahan Block. This data, in combination with a new seismic program currently being shot will greatly enhance our ability to manage risk as we continue to evaluate this largely under explored block,? said Duniord President Raymond LaGarde.
The extensive Asahan Offshore PSC, which covers an area of 2,185 square kilometers, is located about 45 kilometers north of Medan, one of Indonesia's largest cities. The block contains net undeveloped acreage of 1,050 square kilometers. (robert)