Sound Oil announced the following update on its operations in Indonesia.
Citarum PSC, Java (Sound Oil 20%)
The Jatayu-1 exploration well commenced drilling at 21:30 local time on March 21, 2012. The well will be drilled to a total measured depth of 8,714 feet (2,656 meters) to target the limestones of the Miocene Parigi Formation. Operations are scheduled to continue for 30 days.
The Jatayu prospect has been independently assessed by Fugro Robertson Limited to have gross P90-P50-P10 prospective gas resources of 140-290-530 Bscf (P50 58 Bscf net to Sound Oil with an NPV10 of US $30.3 million).
Gerry Orbell, Sound Oil's Chairman and Chief Executive commented: "The Jatayu prospect is an exciting and significant exploration target for Sound which, should it be successful in the P50 case, is estimated to have an asset value to the Company of almost 1p per share. The prospect also has substantial upside potential.
"The Jatayu well will be followed by exploration wells at Cataka and Geulis on the Citarum permit, all of which will be drilled by the same rig."
Most Popular Articles
From the Career Center
Jobs that may interest you