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Lion Energy upgrades reserve estimates and increases production at Indonesian play

14th May 2014

The positive result follows a recent upgrade of proven reserves and the successful Oseil-26 development well at the Oseil field with the rig to move to the Lofin-2 appraisal well, which is anticipated to spud in late-July or early-August

Lion Energy upgrades reserve estimates and increases production at Indonesian play
The Oseil-21 development well is a follow-up to the successful Oseil-26 well that continues to produce strongly

Lion’s CEO Kim Morrison noted: “Oseil-21 continues the positive news from the Seram PSC. Combined with the Oseil-26 well it has significantly increased production from the Oseil field complex. We now look forward to the appraisal of the exciting Lofin gas/oil discovery.”

The Oseil-21 development well is a follow-up to the successful Oseil-26 well that continues to produce strongly, at a rate of approximately 600 bopd on a 23/64 inch choke, with less than one per cent water cut.

Lion, via its wholly owned subsidiary, Lion International Investment, holds a 2.5 per cent participating interest in the Seram (Non-Bula) PSC, located onshore Seram Island in eastern Indonesia. The major equity holder and operator of the joint venture is CITIC Seram Energy (51 per cent). Other partners are KUFPEC (Indonesia) Ltd (30 per cent) and Gulf Petroleum Investment (16.5 per cent).

The block contains the Oseil oilfield and surrounding structures that have produced cumulative crude oil production of 12,394,564 bbl since the initial field start-up in January 2003 through to 11 May 2014.

The Oseil-21 development well was spudded on 24 February 2014. Seven inch casing was set at 2191m / 7190ft MD and 6-1/8 inch open hole was drilled to a total depth of 2375m / 7793ft MD (1948m / 6391ft TVD).

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