Lion Energy Ltd. said Sept. 14 it has boosted oil production from its Seram Project in eastern Indonesia by 18%, after completing the Oseil-28 development well.
The Oseil-28 well was completed as a producer with final clean-up rates prior to rig release of about 640 barrel per day (bbl/d) of oil on a 20/64-inch choke. Total field production is about 4,000 bbl/d of oil.
The company said the Oseil-28 reached a total depth of 2,347 m (7,700 ft) in the Manusela limestone and was completed with an electric submersible pump (ESP). This is the fifth well of the 10-well Phase 3 development plan for the Oseil-2 area.
The Oseil-22 development well is the next well planned in the ongoing development drilling program, the release said.
The company said it spudded the Oseil-28 well on July 18. The rig was release on Sept. 9. Excluding mobilization and rig up time, the well was drilled, completed and testted in 53 days. This is 34 days less than the well program projection.
Preliminary well costs indicate the well was drilling about US$2.25 million under budget. The budget was projected to be US$9.955 million.
The Seram Project is located on Seram Island in eastern Indonesia and is operated by CITIC Seram Energy Ltd. (51%). Other co-venturers include KUFPEC (Indonesia) Ltd. (30%) and Gulff Petroleum Investment Co. (16.5%).
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