Good drilling results at Kambuna-2Serica Energy announces success at Kambuna-2 well with test flow rates of 17.5 MMSCFD and 1,500 BPD condensate
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TORONTO, Oct. 6 /CNW/ - Serica Energy PLC (TSX Venture: SQZ) today
announces that its Kambuna-2 appraisal well, offshore North Sumatra,
Indonesia, has successfully tested gas and condensate. The Company is now
preparing a Plan of Development for the Kambuna Field, which is located
approximately 45 kilometres north of Medan, Indonesia's third largest city.
The well was drilled to a total depth of 7,963 ft below mean sea level
(ft.ss) and entered the target reservoir, the Belumai sandstone, at a depth of
7,278 ft.ss. The well encountered 64 ft of net gas pay sand with no indication
of a gas-water contact.
The Belumai sandstone was tested over the 64 ft interval 7,278 to 7,342
ft.ss on a 48/64" choke at a stabilised rate of 17.5 million standard cubic
feet of gas per day (MMscfd) together with over 1,500 barrels per day of 55
degrees API condensate. The flowing wellhead pressure during this test was
2,000 pounds per square inch and the quoted production rate was limited by the
testing equipment. Serica will now examine the test results with the aim of
submitting a Plan of Development for the Kambuna field to Pertamina (the
Indonesian state oil company) before the end of 2005.
Serica CEO Paul Ellis said: "Serica's success in the first well that we
have drilled as operator is a demonstration of the credible exploration
experience of the management team and the dedicated efforts of our staff."
"Our team has extensive knowledge in building businesses and we are now
working on the development plans for the Kambuna field in order to bring the
reserves to market at the earliest opportunity."
Serica is operator and holds a 55% interest in Kambuna-2 through the
Glagah Kambuna Technical Assistance Contract (TAC). Serica operates the Glagah
Kambuna TAC on behalf of itself and its partners, Duinord Asahan Petroleum
Inc, Jagen Asahan Pty Ltd, PT Gunakarsa Kambuna Energi and Greevest Asahan Pty
Ltd.
The field discovery well, Kambuna-1, flowed gas at 13.9 MMscfd, along
with 950 barrels/day of condensate, from an open-hole test over a 100-ft
interval in the Belumai sandstone.
The drilling rig Galaxy Driller will shortly leave Kambuna-2 to commence
drilling the Togar-1 exploration well in the Asahan Offshore Production
Sharing Contract (PSC), where Serica is the operator and also holds a 55%
interest.
Serica will next week commence the acquisition of up to 1,500 line
kilometers of 2D seismic in the Asahan Offshore PSC. This program is expected
to take 15 days to complete and is being carried out to enable further
drilling locations in the PSC to be confirmed.