Lion Energy Continues Drilling at Lofin-2 Well in Seram PSC in Indonesia

Australia's Lion Energy Ltd. announced Tuesday that Lofin-2 appraisal well in Seram (Non-Bula) Production Sharing Contract in eastern Indonesia is progressing well with a 7 inch liner run and cemented to 15,154 feet (4,619 meters) Measured Depth (MD). The top of the primary objective Manusela Formation limestone was encountered at 15,141 feet (4,165 meters) MD/ 14,790 feet (4,508 meters) SS some 1,131 feet (345 meters) deeper than the top Manusela Formation in the Lofin-1 discovery well. Some elevated gas peaks, along with some fluorescence shows in rock cuttings, have been recorded.

The Manusela formation is described as predominantly limestone, with nil-to-poor visual porosity. From 15,262 feet (4,652 meters)-15,380 feet (4,688 meters) MD 5-20 percent uniform dull yellow brown fluorescence with trace very slow weak streaming cut. Occasional trace 3 percent pin point bluish-white to greenish-white fluorescence, with slow-moderate streaming milky white cut. These shows in Lofin-2 are similar to shows encountered in the Lofin-1 discovery well.

The forward plan is to continue drilling to the planned total depth (TD) of 17,798 feet (5,425 meters). However the well may TD shallower if there are no further indications of hydrocarbons and/or a water contact is penetrated.

Lion’s CEO Kim Morrison noted “The presence of some gas and recorded oil fluorescence in Lofin 2 is of interest, especially as the well is approximately 1,131 feet (345 meters) down-dip from the Lofin-2 discovery well. However evaluation of a fractured reservoir is inherently challenging and further evaluation including wireline logging and possible formation testing is required to determine the fluid content in the Manusela objective. Hence it is still too early to reach a conclusion as to the eventual outcome of the well.”

Lofin-2 is located in the Seram (Non Bula) PSC in eastern Indonesia and was spud Oct. 31, 2014. It is being drilled to appraise the Lofin-1 discovery made in 2012, which flowed 15.7 million standard cubic feet per day (MMscf/d) of gas and 171 barrels per day (bpd) oil/condensate from the fractured Manusela Formation. The objective of the well is to investigate the extent of the hydrocarbon column below the 525 feet (160 meters) delineated in Lofin-­1 which could not be drilled deeper due to engineering issues.

Lion has a 2.5 percent interest in the Seram (Non Bula) PSC which is operated by CITIC Seram Energy Ltd. (51 percent) with other co-venturers being KUFPEC (Indonesia) Ltd. (30 percent) and Gulf Petroleum Investment Company (16.5 percent).


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