Nido Petroleum and Lundin Petroleum readies to drill Balqis-1 well, Indonesia
Nido Petroleum (ASX: NDO) has been advised by operator Lundin Petroleum (STO:LUPE)
that the Hakuryu 11 jack-up rig is currently in Vietnam awaiting a
weather window for mobilisation to Indonesia.
Swedish listed Lundin, capitalised at $7 billion, will drill the Balqis-1 exploration well plus Boni-1 sidetrack in the Baronang production sharing contract, and the Gobi-1 exploration well in the Gurita production sharing contract in the offshore Malay Basin.
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. The Grabus has estimated Best Case Unrisked Prospective Resources of 47 million barrels of oil.
In addition, Nido has secured an extension of time within which it can elect to increase its equity in each of the Baronang, Cakalang and Gurita Production Sharing Contracts.
The company can now exercise its option to increase its equity at any time up to completion of the 13 3/8” casing point for the first well to be drilled in each of the contract areas.
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