Lofin-2 appraisal well in the Seram Island Non-Bula Block in Indonesia
The board of directors of CITIC Resources Holdings Limited wishes to advise shareholders of the Company on developments resulting from the drilling of the Lofin-2 appraisal well in the Seram Island Non-Bula Block in Indonesia.
In October 2014, CITIC Seram commenced drilling of Lofin-2 to appraise the Lofin-1 discovery and evaluate the potential oil/condensate and gas deposits within the Manusela Formation. Lofin-2 had a planned depth of 5,425 metres.
CITIC Seram has drilled Lofin-2 to a current depth of 5,602 metres and is conducting tests. Results from testing of Lofin-2 so far are promising with results showing Lofin-2 continues to encounter oil/condensate and gas at its current depth. CITIC Seram, therefore, proposes to deepen Lofin-2 in order to continue its appraisal of the oil/condensate and gas potential within the Manusela Formation.