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Citic completes Lofin-2 drilling offshore Indonesia and performs wireline logging

15th April 2015

The Citic Seram Energy-operated Lofin-2 appraisal well has reached a depth of 5,471 metres MD/ 5,128 metres TVDSS, slightly below its initial planned total depth of 5,425 metres MD, as the well continues to encounter hydrocarbon shows, according to clock partner Lion Energy

The Citic Seram Energy-operated Lofin-2 appraisal well has reached a depth of 5,471 metres MD/ 5,128 metres TVDSS, slightly below its initial planned total depth of 5,425 metres MD, as the well continues to encounter hydrocarbon shows, according to clock partner Lion Energy
Should the evaluation confirm that the well is still in hydrocarbons at the current depth, it is likely the well would be deepened beyond the initial planned total depth to fully appraise the extent of the potential hydrocarbon column.

Wireline logging is currently underway to evaluate the 861 metre open-hole section of the Manusela primary objective.

Since the last update on the well on 25 March 2015, further coring was undertaken prior to a resumption of drilling six inch hole in the Manusela limestone objective from 4,870 metres to the current total depth of 5,871 metres MD.

On completion of wireline logging, the well will be flow tested and, subject to a successful flow period and shut-in pressure build up, production logging tools will be run to determine potential productive zones within the extensive Manusela Formation limestone section.

Should the evaluation confirm that the well is still in hydrocarbons at the current depth, it is likely the well would be deepened beyond the initial planned total depth to fully appraise the extent of the potential hydrocarbon column.

Lion’s CEO, Kim Morrison, noted: “We continue to be encouraged by results from Lofin-2 with positive geological indications with respect to hydrocarbon shows and reservoir within the Manusela limestone objective, although we caution that performance of limestone reservoirs can be uncertain.

“We compliment the operator, Citic, on the successful engineering outcome thus far on the well and now look forward to results of the wireline logging and testing program.”

Lofin-2, which spudded on 31 October 2014, is located in the Seram (Non Bula) PSC in eastern Indonesia and is being drilled to appraise the Lofin-1 discovery made in 2012. Lofin-1 flowed 15.7 mmscfgd and 171 bpd oil/condensate from the fractured Manusela Formation encountered from 4,267 metres MD/4,164 metres SSTVD through to total depth 4,427 metres MD/4,324 metres SSTVD.

The objective of the well is to investigate the extent of the hydrocarbon column below the 160 metres delineated in Lofin-1 which could not be drilled deeper due to engineering issues.

Lion has a 2.5 per cent interest in the Seram (Non Bula) PSC which is operated by Citic Seram Energy Ltd (51 per cent) with other co-venturers being KUFPEC (Indonesia) Ltd (30 per cent) and Gulf Petroleum Investment Company (16.5 per cent).

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