Nido Petroleum, Lundin Petroleum mobilise rig to spud Indonesia oil well
Nido Petroleum (ASX: NDO) has been advised by operator Lundin Petroleum (STO: LUPE)
that the Hakuryu-11 jack-up rig is being towed to the Balqis-1 location
in Indonesia.
The Balqis-1 well will be followed by the Boni-1
well which will be drilled as an exploratory side-track well from the
same surface location as Balqis-1
Swedish listed Lundin,
capitalised at $5.9 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.
Related news
- Yellow Diamonds - A Gap in the Diamond market
- Coffee with Samso: Episode 1, Australian Tungsten Projects and How the Chinese Market View The Tungsten sector
- Chasing for Kryptonite, the unknown other Lithium source
- What is In-Situ Recovery? Mining in a National Park with no environmental footprint
- Buds & Duds: Cannabis stocks drop but Weekend Unlimited shares jump on CBD hemp seed news
- Hemispherx treats first patient with cancer drug Ampligen in Phase 2 clinical trials
- THC Global granted cannabis Manufacture Licence, shares surge 20%
.jpg)