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Seram PSC soon to drill Lofin-2 appraisal well offshore Indonesia

03rd June 2014

Citic Resources Holdings has completed a crude oil lifting of 357,786 barrels of oil at the Seram PSC (production sharing contract) in Indonesia and looks to drill a new offshore appraisal well, according to partners Lion Energy

Citic Resources soon to drill Lofin-2 appraisal well offshore Indonesia
The Seram block contains the Oseil fields, which are currently producing over 3,100 bpd (barrels per day)

“We continue to be pleased by the solid production performance from the Seram Project which is exceeding our production forecasts,” said Kim Morrison, Lion CEO. “We now look forward to the drilling of the Lofin-2 appraisal well which has material upside potential for Lion.”

The Seram block contains the Oseil fields, which are currently producing over 3,100 bpd (barrels per day). This is supported by the recently completed OS-26 and OS-21 development wells, which are producing 600 bpd and 560 bpd, respectively.

The oilfield and surrounding structures that have produced cumulative crude oil production of 12 million barrels of oil since the initial field start-up in January 2003 through to 26 May 2014.

The major equity holder and operator of the joint venture is CITIC Seram Energy Ltd (51 per cent). Other partners are Kufpec (Indonesia) (30 per cent) and Gulf Petroleum Investment (16.5 per cent), Lion International Investment (2.5 per cent).

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