Lundin Petroleum completes Balqis exploration well in Natuna Sea

Lundin Petroleum has completed exploration drilling of the Balqis prospect in the Baronang production-sharing contract in the Natuna Sea, offshore Indonesia.

Mar 5th, 2014

Offshore staff

STOCKHOLM, SwedenLundin Petroleum has completed exploration drilling of the Balqis prospect in the Baronang production-sharing contract (PSC) in the Natuna Sea, offshore Indonesia.

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 m (6,919 ft) below mean sea level (MSL).
 
The lower section of the Balqis-1 well will be P&A’d, and the drilling of the Boni-1 exploration side track well will begin below the Balqis-1 well’s 9⅝-in. 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 m (2,625 ft) to the west of the vertical Balqis-1 well.

Lundin Petroleum estimates the Boni prospect to have the potential to contain unrisked, gross, prospective resources of 55 MMboe. The planned total vertical depth is 2,300 m (7,546 ft) below MSL. Drilling is estimated to take five days.

Nido Petroleum Ltd. exercised its option in accordance with the farm-in agreement to increase its participating interest from 10% to 15% in the Baronang PSC on Feb. 24. The 5% increase remains subject to governmental approval.

Lundin Petroleum, through its wholly owned subsidiary Lundin Baronang BV, is the operator and has a 85% working interest in the Baronang PSC. Nido Petroleum is a partner, with a 15% working interest.

03/05/2014

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