Lion Energy to Spud Oseil-21 Development Well in Indonesia's Seram Block
Australia's Lion Energy Ltd announced Friday that the recently completed Oseil-26 development well in the Seram (Non-Bula) Production Sharing Contract (PSC) in Seram Island, eastern Indonesia is performing at above pre-drill expectations.
The well was completed Jan. 30 and has been producing crude oil at an average rate of 490 barrels of oil per day, or bopd, (12.5 bopd net to Lion’s interest). This compares with pre-drill predicted initial production of 300 bopd.
Oil production from Oseil and surrounding oilfields has averaged 2,831 bopd (71 bopd net to Lion), an increase of 20 percent from the approximate 2,350 bopd prior to Osiel-26 coming on line. Production currently exceeds guidance production of 2,500 bopd in Lion’s prospectus issued Nov. 6, 2013.
The Oseil-21 development well, due to spud this week, is designed to exploit undrained oil reserves on the western flank of the Oseil-2 fault block. Drilling is expected to take about 90 days and, if successful, the well should commence production in May 2014.
Following Oseil-21, the joint venture plans to drill the Lofin-2 well to appraise the exciting Lofin-1 discovery made in 2012. Current scheduling has the well spudding in July 2014 following the completion of Osiel-21.
Lion’s CEO, Kim Morrison, said: “We are delighted with the performance of the Seram Project, which continues to surprise on the upside.”
“While a 2.5 percent interest may seem modest, it still makes a meaningful contribution to our company,” he said. “We are optimistic that the Osiel-21 development well will further enhance production and look forward to the high-potential Lofin-2 appraisal well later in the year.”
123
View Full Article
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea