Timor Sea well reaches total depth

The Loré-1 well in the Timor Sea contract area JPDA 06-103 has reached a total depth of 3,581 m (11,749 ft), according to operator Oilex.

Offshore staff

SYDNEY, Australia -- The Loré-1 well in the Timor Sea contract area JPDA 06-103 has reached a total depth of 3,581 m (11,749 ft), according to operator Oilex. The well intersected the objective Elang and Plover formations close to prognosis and minor oil shows were observed in the Elang section, the company says. Preliminary evaluation indicates that there are zones with limited oil saturation in the Elang formation, which Oilex will evaluate with further wire line logging.

After finishing the Loré-1 well, the rig Songa Mercur will move to the Lolotoe prospect. Lolotoe is a three-way dip faulted anticline with about 300 m (984 ft) of vertical relief. The prospect is targeting a mean prospective oil resource of 90 MMbbl in the primary objective Elang/Plover formations. The water depth at the proposed well location is 105 m (344 ft).

12/09/2009

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