Seram output 'ahead of expectations'

Seram: output at the PSC is ahead of expectations

Output at the Seram (non Bula) production sharing contract in Indonesia is “ahead of expectations” according to joint venture partner Lion Energy.

Lion revealed on Tuesday that output was averaging about 3100 barrels of oil per day, ahead of its full-year estimate for production from the block to average 2500 bpd.

It added the increased output was mainly supported by the recently completed OS-26 and OS-21 development wells, which were producing 600 bpd and 560 bpd, respectively.

“We continue to be pleased by the solid production performance from the Seram project which is exceeding our production forecasts,” Lion chief executive Kim Morrison said.

“We now look forward to the drilling of the Lofin-2 appraisal well which has material upside potential for Lion.”

Lofin-2 is a follow-up to the Lofin-1 discovery well which was drilled in 2012 and flowed at a rate of 15.7 million cubic feet of gas per day and 171 bpd of oil and condensate from the Manusela formation.

Lofin-2, which also lies within the Seram (non Bula) PSC area, is expected to spud in July.

The Seram (non Bula) PSC is operated by China’s Citic Resources which holds a 51% stake and is partnered by Kufpec (30%), Gulf Petroleum Investment (16.5%) and Lion (2.5%).

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