Matrix Spuds First Exploration Well in Asahan Offshore Sumatra

Following the successful completion of development activities at its Langsa contract area in the offshore North Sumatra Basin of Indonesia, Matrix Oil announced the spudding of its first exploration well in the nearby Asahan Offshore contract area.

Transocean Sedcco Forex’s semisubmersible, Sedco 601, having completed operations on the L2 development well, has re-located to the site of the exploration well, designated as West Kambuna #1. The wildcat well is located in 120 feet of water some 30 kilometers from the coastline of North Sumatra. It is planned to drill to a total depth of 8200ft.

The primary targets of the well are the excellent quality Early Miocene reservoir sandstones that tested 14 million cubic feet of gas per day (MMCFGD) plus 990 barrels of condensate (BCPD) a day in the nearby Kambuna #1 discovery drilled by Bow Valley in 1986. The top of the reservoir section is anticipated to occur at approximately 7400 feet in West Kambuna #1. West Kambuna #1 is located 4.5 kilometers west southwest of Kambuna #1 and is designed to test a major seismically defined structural/stratigraphic trap that has been mapped as extending north and west from the Kambuna discovery.

Potential reserves in the prospect have been estimated as being 2 to 3 trillion cubic feet of gas plus 150 to 200 million barrels of liquids.

The West Kambuna Prospect straddles the boundary between Matrix’s 75% owned Asahan Offshore contract area and its 90% owned adjacent Glagah Kambuna contract area. Matrix is operator of both contract areas.