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Ophir Energy discovers natural gas in Indonesia

StockMarketWire.com

Ophir Energy said an exploration well in Indonesia had discovered natural gas.

The Paus Biru-1 well, at the Sampang production sharing contract, encountered 29 metres of estimated net pay after being drilled to a total depth of 710 metres.

A drill-stem test taken over an interval between 576 and 605 metres flowed gas at a rate of 11.2m standard cubic feet per day sustained over five hours.

The well had been plugged and abandoned as a gas discovery. A plan of development would now be prepared for submission to the regulator for approval.

'This is a strong endorsement of the assets acquired from Santos earlier this year,' interim chief executive Alan Booth said.

'Paus Biru is an example of the attractive near field exploration opportunities within the Sampang and Madura production sharing contracts.'

'Such discoveries can be highly valuable as they deliver both fresh production volumes and extend the economic life of the fields already in production.'





Story provided by StockMarketWire.com