Lundin Petroleum AB Issues drilling update: the exploration drilling of the Balqis prospect in the Baronang PSC, Natuna Sea, Indonesia has been completed
- Preliminary analysis of wireline logs indicates that the well encountered the targeted Oligocene Upper and Lower Gabus Formation sandstone in well developed reservoirs but no hydrocarbons were encountered. The Balqis-1 well reached
basement at a total depth of 2,109 metres below mean sea level (MSL).
- The lower section of the Balqis-1 will now be plugged and abandoned and the drilling of the Boni-1 exploration side-track well will commence below the Balqis-1 9 5/8" casing shoe.
- The Boni-1 side-track well will test the stratigraphic on-lap play of the Lower Gabus Formation sandstones against the Basement approximately 800 metres to the west of the vertical Balqis-1 well. Lundin Petroleum estimates the Boni rospect to have the potential to contain unrisked, gross, prospective resources of 55 million barrels oil equivalent (MMboe). The planned total vertical depth is 2,300 metres below MSL and the drilling is expected to take
approximately 5 days.
- Nido Petroleum Limited exercised its option in accordance with the farm-in agreement to increase its participating interest from 10 percent to 15 percent in the Baronang PSC on the 24th February 2014. The five percentage point increase remains subject to governmental approval.
basement at a total depth of 2,109 metres below mean sea level (MSL).
- The lower section of the Balqis-1 will now be plugged and abandoned and the drilling of the Boni-1 exploration side-track well will commence below the Balqis-1 9 5/8" casing shoe.
- The Boni-1 side-track well will test the stratigraphic on-lap play of the Lower Gabus Formation sandstones against the Basement approximately 800 metres to the west of the vertical Balqis-1 well. Lundin Petroleum estimates the Boni rospect to have the potential to contain unrisked, gross, prospective resources of 55 million barrels oil equivalent (MMboe). The planned total vertical depth is 2,300 metres below MSL and the drilling is expected to take
approximately 5 days.
- Nido Petroleum Limited exercised its option in accordance with the farm-in agreement to increase its participating interest from 10 percent to 15 percent in the Baronang PSC on the 24th February 2014. The five percentage point increase remains subject to governmental approval.