this news was obviously leakedlittle guy gets f*&^ed again!
Serica Energy announces gas discovery at Togar-1A well
TORONTO, Oct. 26 /CNW/ - Serica Energy PLC (TSX Venture: SQZ) today
announces that the Serica-operated Togar-1A exploration well, in the Asahan
Offshore Production Sharing Contract (PSC), Indonesia, has discovered gas in
the Middle Keutapang sandstones. The size of the accumulation is not believed
to be commercial but the presence of gas in the Keutapang is a significant
development for the Group's other prospects on this block. The Company is now
further evaluating the area to select future drilling locations. The extensive
2,185-sq-km Asahan PSC is located about 45 km north of Medan, one of
Indonesia's largest cities.
The Togar-1A well was drilled to a total depth of 6,451 feet below mean
sea level (ft.ss) and entered gas-bearing Middle Keutapang sandstone at a
depth of 3,385 ft.ss. The well encountered 22 feet of net gas pay sand with a
gas-water contact at 3,410 ft.ss. The sands are of excellent reservoir
quality, with porosities reaching 35%. The well also encountered several
additional reservoir sands in the Middle Keutapang but only one was found to
be gas bearing at the Togar-1A location.
A bottom-hole sample of the gas in the Middle Keutapang reservoir was
analysed and found to be of high calorific value, having a methane content of
approximately 96% and very low concentrations of inert or acid gases.
Sufficient information of reservoir quality was obtained from logging and
bore-hole samples and the well was not tested.
The Togar-1A well is the second of a two-well drilling program undertaken
by Serica in its Asahan and Glagah/Kambuna offshore blocks and follows the
drilling and successful testing of the Kambuna-2 well which proved up an
extension to the Kambuna Field, encountering 64 feet of net gas pay. The
semi-submersible drilling rig Galaxy Driller will now be released.
Serica CEO Paul Ellis said: "The presence of gas in an excellent
reservoir at Togar-1A, as predicted from our analysis of seismic data,
encourages the further exploration of the Togar area and significantly reduces
the exploration risk on a series of other prospects identified in the Asahan
PSC. As previously announced we are currently acquiring a further seismic
survey of 1,500 km and, when this data has been analyzed, Serica will combine
the results with results from the Togar-1A well to select the locations of
further exploration wells. The Company has already invited tenders for a
drilling rig for its 2006 program in Indonesia."
Serica is operator and holds a 55% interest in the Asahan Offshore
Production Sharing Contract. Serica operates the Asahan PSC on behalf of
itself and its partners, Duinord Asahan Petroleum Inc, Jagen Asahan Pty Ltd,
PT Risjad Salim Resources Asahan and Greevest Asahan Pty Ltd.