Lundin Petroleum will plug and abandon an exploration well drilled in the Natuna Sea offshore Indonesia after hitting a target reservoir but no oil or gas.
Lundin said its Balqis 1 well in the Baronang Production Sharing Contract (PSC) license offshore Indonesia encountered the target Oligocene Upper and Lower Gabus formation sandstones with a well-developed reservoir but no hydrocarbons were present.
Balqis 1, which reached basement at a total depth of 2,109 m (6,917 ft) below mean sea level, will be plugged and abandoned, and a side-track well, Boni 1, will be drilled targeting another play 800 m (2,624 ft) west of Balqis 1 well. A predrill estimate suggests Boni 1 could contain up to 55 MMboe.
Lundin operates the PSC with 85%, partnered by Nido Petroleum.
Recommended Reading
Elk Range Royalties Makes Entry in Appalachia with Three-state Deal
2024-03-28 - NGP-backed Elk Range Royalties signed its first deal for mineral and royalty interests in Appalachia, including locations in Pennsylvania, Ohio and West Virginia.
Permian Resources Continues Buying Spree in New Mexico
2024-01-30 - Permian Resources acquired two properties in New Mexico for approximately $175 million.
Marketed: Rock Oil Holdings Mineral, Royalty Opportunity in Midland Basin
2024-04-09 - Rock Oil Holdings has retained PetroDivest Advisors for the sale of a mineral and royalty opportunity in Howard County, Midland Basin.
Sitio Royalties Dives Deeper in D-J with $150MM Acquisition
2024-02-29 - Sitio Royalties is deepening its roots in the D-J Basin with a $150 million acquisition—citing regulatory certainty over future development activity in Colorado.
Marketed: EnCore Permian Holdings 17 Asset Packages
2024-03-05 - EnCore Permian Holdings LP has retained EnergyNet for the sale of 17 asset packages available on EnergyNet's platform.