Duster. Again...
And some suggest this play is undervalued. Oh, my.
2010-12-02 09:23 ET - News Release
Mr. Paul Ellis reports
SERICA ENERGY PLC: MARINDAN-1 EXPLORATION WELL, KUTAI PSC, INDONESIA
Serica Energy PLC has released an operations update regarding the Marindan-1 exploration well in the Kutai PSC, offshore Indonesia.
Serica and its partners spudded the Marindan-1 offshore exploration well on Oct. 27, 2010, using the jack-up drilling rig Trident IX. The objective of the well was to investigate the potential for hydrocarbon accumulations in a sequence of Miocene sands and carbonates. Marindan-1 was drilled as a deviated well and, on Dec. 2, reached total depth of 3,469 metres measured depth (3,225 metres true vertical depth subsea). High-gas readings and oil shows were recorded in the interval 2,670 to 3,260 metres MD, and downhole logs indicate thin hydrocarbon-bearing sand and carbonate reservoirs, but the indicated volume of hydrocarbons present is not expected to be sufficient to justify commercial development and the well will be plugged and abandoned.
Serica's chief executive officer, Paul Ellis, said: "Serica has now discovered hydrocarbons both at Marindan and Dambus, but the accumulations found in the wells are not sufficient to support standalone development at this stage. A review of options for the possible development of these discoveries together with other undrilled prospects in the Kutai PSC is under way. As previously announced, Serica is undertaking a strategic review of its Indonesian assets, and this will be concluded early in the new year."
The technical information contained in the announcement has been reviewed and approved by Peter Sadler, chief operating officer of Serica. Mr. Sadler is a qualified petroleum engineer (MSc, Imperial College, London, 1982) and has been a member of the Society of Petroleum Engineers since 1981.
We seek Safe Harbor.