Serinus Energy Suspends Luba-1 Well in Brunei's Block L

Serinus Energy Inc. (Serinus Energy or the Company), an international upstream oil and gas exploration and production company, revealed Monday that the Luba-1 exploration well in Brunei is being suspended after drilling to a measured depth of 5,643 feet (1,720 meters) and attempts to recover the bottom hole assembly (BHA or fish), which was stuck in the hole, were not successful.

Luba-1 Well

The Luba-1 well commenced drilling Nov. 11. It was drilled as a directional well with a planned total measured depth of 10,915 feet or 3,327 meters (true vertical depth of 9,058 feeet or 2,761 meters). The primary objective was to test a Direct Hydrocarbon Indicator (DHI) or "Flat Spot” observed after interpretation of 3D seismic. In addition to evaluating the primary target (B Horizon), it was intended that the Luba-1 well would also evaluate the shallower R Horizon. Both horizons are located in interpreted trap position created by two extensional normal faults which form the Luba fault block.

The BHA became stuck while pulling out of the hole at a measured depth of 4,793 feet (1,461 meters), and at an angle of 41 degree, Nov. 24. All efforts to free the BHA were unsuccessful and the Company decided to cut off the drill string and set a cement plug above the BHA. At this stage it remains unclear why the drill string became stuck in the well, and since the Company cannot guarantee not getting stuck again in a sidetrack it was decided to suspend the well to allow time for evaluation and future planning.

Jock Graham, chief operating officer, says “we are extremely disappointed that it was not possible to drill this well to our planned TD. While suspending the well was a very difficult decision, there are times to simply stop and re-evaluate when you have operational difficulties such as we’ve encountered this drilling campaign” ”

In the coming months the Company will, together with Petroleum Brunei, conduct a post mortem of the drilling campaign with a view to determining a way forward. Serinus, through two wholly owned subsidiaries, has an aggregate 90 percent working interest in the Luba-1 well and in Block L. Gross costs incurred for the drilling and suspension of the Luba-1 well are estimated to be $11.8 million ($10.6 million net).


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