SYDNEY (Yosefardi) – ASX-listed Lion Energy reported preparation is advanced for Amanah Timur-1 well to test the Paya Bili Prospect in South Block A.
The planned shallow well (approx. 700m TD) will evaluate reservoirs productive in a pre-1940 oil field, as well as evaluate untested deeper sandstone reservoirs which are known to be well developed in the area.
The prospect is located on a productive trend and has near term commercialization potential. Site location selected and rig tenders are being evaluated for planned Q1 of 2015.
Lion Energy is also in active negotiation on several deals involving near-mid term exploration and production. Indonesia has 9x the onshore discovered reserves of Australia despite only a ΒΌ of the land mass.
Meanwhile, ASX-listed Energy World Corporation (EWC) said its wholly-owned Energy Equity Epic Sengkang (EEES) is currently developing Sengkang production sharing contract (PSC) to its full potential including the recent drilling of wells in the WASAMBO gas fields in order to supply LNG to the domestic market in Indonesia. The Sengkang PSC Block is located in the province of South Sulawesi.