Since the last update regarding Cua Lo-1 Oct. 22, drilling has reached the 9.625 inch casing point at a depth of 8,231 feet (2,509 meters), having redrilled the upper three reservoir objectives in the sidetracked hole. Wireline logging has been completed and casing has been set, ready for the Operator to drill onwards to the lower two objectives and final proposed total depth (TD) of 9,271 feet (2,826 meters). All three reservoir objectives intersected in the sidetracked well exhibit good gas shows and comparable reservoir characteristics to those encountered in the original hole.
Based on analysis of the data received to date, Neon Energy remains encouraged by results and considers that production testing is warranted. Further details will be released once the well is at TD and wireline logging operations have been completed.
At the time of writing both the jackup Ensco 107 (400' ILC) and Songa Mercur (mid-water semisub) are anticipated to shortly resume operations, having been evacuated due to Typhoon Haiyan. Ca Ngu-1 operations have been affected by additional delays due to greater than anticipated sub-surface currents at the rig location, and the Joint Venture is reviewing what steps may be taken to resolve this situation.
The Company expects that the weather delays will add to the previously reported cost estimates for both wells. Neon is working closely with Operator Eni S.p.A. to quantify updated cost estimates on the basis of revised operational schedules, and will inform the market as soon as possible.
The respective working interests of the joint venture parties in the Block 105 and Block 120 Production Sharing Contracts (PSCs) are as follows:
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