Lundin Petroleum spuds exploration well in Natuna Sea

Lundin Petroleum AB has begun exploration drilling in the Baronang PSC, Natuna Sea, Indonesia, using the drilling rig Hakuryu 11.

Feb 17th, 2014

Offshore staff

STOCKHOLM, SwedenLundin Petroleum AB has begun exploration drilling in the Baronang PSC, Natuna Sea, Indonesia, using the drilling rig Hakuryu 11. Balqis-01 will be followed by a side track, Boni-01.

Balqis-01 is a wildcat designed to test the Tertiary sands draped over a prominent basement high. The main objectives are Oligocene fluvial sandstone reservoirs in stacked four-way dip closures. Lundin Petroleum estimates the Balqis prospect to have the potential to contain unrisked, gross, prospective resources of 47 MMboe. The planned total depth is 2,130 m (6,988 ft) below mean sea level (MSL), and the drilling and evaluation is expected to take approximately 20 days.

The drilling of Balqis-01 will be followed with the drilling of Boni-01 as a side track to the Balqis-01 vertical well with an offset distance from Balqis-01 (at TD) of 820 m (2,690 ft). Boni-01 is designed to test the hydrocarbon potential of early to late Oligocene fluvial sandstone reservoirs in stacked stratigraphic traps against a prominent basement high.

Lundin estimates the Boni prospect has 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, and the drilling is expected to take approximately five days.

Lundin Petroleum, through its wholly owned subsidiary Lundin Baronang BV, is the operator and has a 90% working interest in the Baronang PSC. Partnering is Nido Petroleum Ltd., with a 10% working interest. Lundin operates five PSCs in Indonesia, namely Baronang, Cakalang, Gurita, South Sokang, and Cendrawasih VII.

02/17/2014



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