Indonesia's Conrad Hires Rig For Well Work
Jakarta-based Conrad Petroleum has obtained a drilling rig for exploration work at the Duyung production-sharing contract (PSC) area off the shore of Indonesia’s Riau Islands.
The Asian Endeavour-1 jack-up has been leased from China Oilfield Services (Cosl) for a two-well campaign, London-listed project partner Coro Energy said in a stock filing on August 19. The unit is expected to move from Singapore in late September.
Conrad operates the Duyung PSC with a 76.5% interest, while Coro has 15% and another London-traded company called Empyrean Energy has 8.5%.
The first of their planned wells, Tambak-1, will test the Tambak prospect, a three-way dip closed inverted anticlinal structure located below the centre of the Mako gas field. The reservoir is understood to be early Oligocene-age fluvial and lacustrine sandstone of the Lower Gabus formation and charged by the underlying syn-rift lacustrine source rocks of the Benua shale.
Coro believes there is a 45% chance at success at Tambak, which it estimates to contain 250bn ft3 prospective resources.
The second well, Tambak-2, will appraisal the intra-Muda sandstone reservoirs in the southern section of Mako, while also gathering stratigraphic information from Lower Gabus interval.
The drilling campaign is slated to cost $15.5mn on a dry-hole basis and up to around $19mn on a fully-tested basis, including rig mobilisation and de-mobilisation. It has been approved by Indonesian authorities, Coro said.