Pan Orient reported that the SE Tiung-1 well, in which the Company holds a 97 percent working interest, is currently being plugged and abandoned at a true vertical depth of 5,973 feet. Oil shows and good quality sands were encountered within the primary Lower Talang Akar target horizon but wire line logging indicated the zone to be water bearing. The secondary objective of the Gumai and Upper Talang Akar formation sands were also present, but interpreted as being water bearing.
SE Tiung-1 was drilled on budget, but due to the repeated down time, rig repairs and resultant delays experienced during the drilling of Tuba Obi Utara-1 and SE Tiung-1, the decision has been made to release this drilling rig and defer the drilling of Betano-1 exploration well for cost and safety considerations.
Preliminary approval has been received for three additional wells planned for the Batu Gajah PSC (Tuba Obi Utara-2, Kemala-1 and Shinta-1) later in 2011, with final approval expected this week. The company is currently focused on accelerating the commencement of the drilling of these additional wells (two exploration wells and one appraisal well) with drilling to commence perhaps as early as October 2011.
The results at SE Tiung-1 have no bearing whatsoever on the prospectivity of the upcoming three well program and we remain confident in the overall hydrocarbon potential of the Batu Gajah PSC.
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