TORONTO (Yosefardi) – Pan Orient Energy Ltd plans to continue 3D seismic program on the eastern half of Batu Gajah block in North Sumatra with $15. 8 million of costs.
“The major activity in the Batu Gajah PSC for the remainder of 2013 is to complete acquisition and evaluation of the 400 square kilometer 3D seismic program which is focused on the eastern half of the PSC. The estimated cost of this program is $15.8 million, of which $7.9 million was recorded in the first half of 2013,” Pan Orient said yesterday.
Based on drilling results in the western portion of the Batu Gajah PSC during the first quarter of 2013, the decision was made to defer the planned Kemala-1 exploration well until after acquisition and interpretation of the 400 square kilometer 3D seismic program is completed.
Pan Orient has 77% working interest in the production sharing contract. Pan Orient has drilled Shinta-1 exploration well in the block, but encountered sub-commercial oil in the primary Lower Talangakar sandstone target and was abandoned.
The Buana-1 well, meanwhile, continued drilling unsuccessfully to a total depth of approximately 3,800 feet, as required by the Indonesian oil and gas regulator and within the secondary basement reservoir objective, and was abandoned.
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