Horizon Oil Spuds Tingu-1 Well (PNG)

Horizon Oil advises that the Tingu-1 exploration well in PRL 21, Western Province, Papua New Guinea, spudded at 0030 hrs local time on 26 August 2013.

The current operation is drilling the 24” conductor hole. The well is being drilled with Parker Rig 226 and is anticipated to take about 45 days to drill to a planned total depth of 3,213 m.

Tingu-1 is located 9.2 km north west of the Elevala-2 appraisal well, itself a stepout from the Elevala- 1 discovery well, which both found condensate- rich gas in the Early Cretaceous Elevala Sandstone.

If successful, Tingu prospect has the potential to be about the same size as Elevala field (2C contingent resource of approximately 400 billion cubic feet of gas and 22 million barrels of condensate). Horizon Oil, as operator of PRL 21, is currently carrying out FEED of the Elevala and Ketu field development. Contingency is being made in the design to add Tingu to the development scope in the event that Tingu-1 is a discovery.

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LNG World News Staff, August 26, 2013; Image: Horizon Oil