Lundin Petroleum to Plug Boni-1 Well (Indonesia)

Lundin Petroleum AB announced that the exploration drilling of the Boni prospect in the Baronang PSC, Natuna Sea, Indonesia has been completed.

On 11th March 2014 drilling of the Boni-1 well reached Total Depth at 2,214 metres below mean sea level in the granitic basement as per the drilling programme. Preliminary analysis of LWD logs indicates that the well encountered the targeted Oligocene Lower Gabus Formation sandstone in well-developed reservoirs but no hydrocarbons were encountered.

The Boni-1 side-track will be permanently plugged and abandoned in conjunction with Balqis-1.

Rig contract owner Premier Oil has exercised its option to take the Hakuyru-11 rig following the drilling of the Balqis-1 and Boni-1 wells. The Gobi-1 exploration well, located in the Gurita PSC Republic of Indonesia, will now be drilled in the fourth quarter of 2014.

Lundin Petroleum, through its wholly owned subsidiary Lundin Baronang BV, is the operator and has an 85 percent working interest in the Baronang PSC. Partner Nido Petroleum Limited has a 15 percent working interest, where the recent 5 percent increase remains subject to governmental approval. Lundin operates five PSCs in Indonesia, namely Baronang, Cakalang, Gurita, South Sokang and Cendrawasih VII.