Lundin petroleum began towing the Hakuryu-11 jackup rig to Indonesia, for drilling of the Balqis-1 well part of the Baronang production sharing contract (PSC).
Following drilling on the Balqis-1, the Hakuryu-11 will commence drilling on the Boni-1 well, which will be drilled as an explatory sidetrack well from the same surface location as Balqis-1.
The Balqis-1 exploration well will test the oil potential of the primary upper and lower Gabus formation sandstones in a 3D-defined structural closure.
JV partner, Nido Petroleum, also secured an extension of time within which it can elect to increase its equity in the Baronang, Cakalang, and Gurita PSCs.
In June 2013, both companies executed three separate farm-in agreements to participate in the Baronang, Cakalang, and Gurita PSCs in the Penyu and West Natuna basins, offshore Indonesia.
The Balqis prospect is estimated to hold 47MMboe of gross unrisked prospective resources.
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