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CITIC Resources plan to deepen Lofin-2 well following encouraging test results


Published Apr 30, 2015
Lofin-2 appraisal well in the Seram Island Non-Bula Block in Indonesia
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.

Tags: CITIC Resources Holdings Limited




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