Resource Estimates Point to Significant Find at Lofin Field in Indonesia
A successful well test commenced May 21, 2015 and was conducted as a multi-rate test using different choke sizes to maximize reservoir information, over a 7 day period. On a 52/64 inch choke the well flowed gas at approximately 17.8 MMcf/d with approximately 2,634 barrels per day (b/d) water and completion fluid and approximately 54 b/d of 34.9 degree API condensate, with a flowing wellhead pressure of 2,250 psi (96 hour flow period on 52/64 inch choke). On the smallest choke setting (16/64 inch) the well was flowing gas at approximately 4.95 MMcf/d with approximately 12 barrels condensate and approximately 280 bpd water with a flowing wellhead pressure of 5,000 psi (12 hour flow period on 16/64 inch choke). Tested gas quality is good with approximately 5 percent carbon dioxide (C02).
The results indicate well flow was occurring around the stuck drill pipe and the presence of water in the test is interpreted to come from the lower part of the well coincident with a decrease in gas readings while drilling from around 18,327 feet (5,586 meters) MD (17,900 feet or 5,456 meters ssTVD) to total depth. The well delineated a continuous gas column of up to approximately 4,265 feet (1,300 meters) for the large Lofin structure.
The Lofin-2 well provided critical new information on porosity of the Manusela limestone, net/gross within the hydrocarbon column, fracture density. hydrocarbon saturation, fluid type and contacts.
Lofin Field Contingent Resource
The data acquired during the drilling of Lofin-1ST1 and Lofin-2, combined with seismic data, has been used in calculating contingent resources for the Lofin Field. The resource estimates for gas and condensate are classified as contingent resources as there is no certainty of development due to various factors including, amongst others, economic, regulatory, market and facility, corporate commitment and extension award of the Seram Non-Bula Block PSC beyond the current Oct. 31, 2019 expiry date. The joint venture is currently reviewing further appraisal requirements and potential development options for the Lofin Field.
An overview of contingent resources for the Lofin Field (100% and Lion working interest share) compiled by Lion in accordance with SPE-PRMS classification is shown below:
In-place and Contingent Resources (Lofin Field, Seram Non-Bula Block PSC, Seram Island, Indonesia (as at Aug. 31, 2015)
Manusela Formation Reservoir (Gross 100 Percent PSC)
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