Lundin Completes Drilling at Balqis-1 Well in Baronang PSC in Natuna Sea

Lundin Petroleum AB (Lundin Petroleum) announced Tuesday that the exploration drilling of the Balqis prospect in the Baronang PSC, Natuna Sea, Indonesia has been completed.

Preliminary analysis of wireline logs indicates that the well encountered the targeted Oligocene Upper and Lower Gabus Formation sandstone in well developed reservoirs but no hydrocarbons were encountered. The Balqis-1 well reached basement at a total depth of 6,919 feet (2,109 meters) below mean sea level (MSL).
The lower section of the Balqis-1 will now be plugged and abandoned and the drilling of the Boni-1 exploration side-track well will commence below the Balqis-1 9.625 inch casing shoe.

The Boni-1 side-track well will test the stratigraphic on-lap play of the Lower Gabus Formation sandstones against the Basement approximately 2,624 feet (800 meters) to the west of the vertical Balqis-1 well. Lundin Petroleum estimates the Boni prospect to have the potential to contain unrisked, gross, prospective resources of 55 million barrels oil equivalent (MMboe). The planned total vertical depth is 7,546 feet (2,300 meters) below MSL and the drilling is expected to take approximately 5 days.

Nido Petroleum Limited exercised its option in accordance with the farm-in agreement to increase its participating interest from 10 percent to 15 percent in the Baronang PSC Febr. 24. The five percentage point increase remains subject to governmental approval.

Lundin Petroleum, through its wholly owned subsidiary Lundin Baronang BV, is the operator and has a 85 percent working interest in the Baronang PSC. Partners are Nido Petroleum Limited with 15 percent working interest. Lundin operates five PSCs in Indonesia, namely Baronang, Cakalang, Gurita, South Sokang and Cendrawasih VII.



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