Conrad spuds first of two Duyung wells
Conrad Petroleum has started drilling the first of two wells at its operated Duyung Production Sharing Contract (PSC) in the West Natuna basin, offshore Indonesia, using the Asian Endeavour-1 jack-up rig.
The COSL-owned drilling rig Asian Endeavour-1 was mobilized from Singapore on September 24, 2019, and has been on location since Monday, September 30.
Coro Energy, Conrad’s partner in the PSC with a 15% interest, said on Friday that pre-loading of equipment and supplies for the two-well program had been completed and drilling of the Tambak-2 well had started. Coro completed its payment obligations to acquire a 15% working interest in the Duyung PSC back in April 2019.
The Tambak-2 well is primarily designed as an appraisal of the southern area of the Mako gas field. The well is a very large step out (over 13 km) south the Mako South-1 location, will be drilled as a vertical well and is prognosed to intersect the intra-Muda reservoir up dip from the Mako South-1 well, at a depth of approximately 380 meters below sea level.
According to Coro, the well is planned to total depth at approximately 595 meters below sea level. A full reservoir evaluation program is planned, including an extensive suite of logs, coring and open hole testing, in order to derive as much information as possible about the Mako gas field reservoir.
An independent review by Gaffney Cline & Associates ascribed gross 2C resources of 276 Bcf (48.78 MMboe) of recoverable dry gas in the Mako field with gross 3C resources of 392 Bcf (69.3 MMboe) representing additional field upside. Management estimate that in the event of the Tambak-2 well resulting in a successful appraisal of the southern area of the Mako gas field, approximately 100 Bcf of gross contingent resources will be added to the 2C category from the 3C category.
Total time to drill, core, log and test is estimated to be approximately 33 days, after which the rig is then planned to immediately move to the Tambak-1 location. Coro is fully funded for its share of costs associated with the drilling campaign.
The gross cost of the two-well program is expected to be approximately $17 million-19 million to the PSC partners on a fully tested basis, including rig mobilization and de-mobilization, for which Coro Energy is funding $10.5 million. Empyrean, another partner in the project, will fund 8.5% of the additional drilling campaign costs over and above the Coro funding.
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