The Banteng No. 1 well is being drilled within the Lematang Production Sharing Contract (PSC), located on-shore in South Sumatra, Indonesia. The well is being drilled by the Operator PT MedcoEnergi E&P, a leading Indonesian oil producer, using the Apexindo No. 5 heavy drilling rig. Serica has a 10% carried interest and is not expected to contribute to the approximate US$12.5 million cost of drilling, logging and casing Banteng No. 1.
The estimated total depth of the well is 12,660 feet. Drilling is expected to take approximately three months.
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