Lundin Petroleum has commenced exploration drilling on the wildcat oil exploration well Balqis-01 using the Hakuryu 11 rig in the Baronang PSC, Natuna Sea, Indonesia.
Designed to test the hydrocarbon potential of tertiary sands draped over a prominent basement high, the primary objectives of Balqis-01 well include Oligocene fluvial sandstone reservoirs in stacked four-way dip closures.
Lundin noted that the Balqis prospect with a planned total depth of 2,130m below mean sea level (MSL) is expected to have the potential to contain unrisked, gross, prospective resources of 47 million barrels of oil equivalent.
The drilling and evaluation is expected to take about 20 days.
Balqis-01 well drilling shall be immediately followed with the drilling of Boni-01 designed to test the hydrocarbon potential of early to late Oligocene fluvial sandstone reservoirs in stacked stratigraphic traps against a prominent basement high.
Drilling will be conducted as a side track to the Balqis-01 vertical well with an offset distance from Balqis-01 of 820m drilled to test a deeper independent stratigraphic play concept.
With the potential to contain unrisked, gross, prospective resources of 55 million barrels of oil equivalent, the Boni prospect will have a total vertical depth of 2,300m below MSL and the drilling is expected to take approximately five days.
Through its wholly-owned subsidiary Lundin Baronang, the company operates and holds a 90% working interest in the Baronang PSC, while other partners include Nido Petroleum with 10% working interest.
The company operates five PSCs, namely Baronang, Cakalang, Gurita, South Sokang and Cendrawasih VII in Indonesia.