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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: balisurf who wrote (328)	10/8/1997 7:17:00 AM
From: Tomas	Respond to of 2742

New oil and gas discovery on block PM-3, Malaysia International Petroleum Corp ÿÿÿIRP ÿÿÿShares issued 44 077 367 1997-10-07 ÿÿÿWednesday Oct 8 1997 Mr Ian Lundin reports The company has discovered the 13th successful exploration well on block PM-3, offshore Malaysia. The North West Bunga Raya-1 flowed at a cumulative rate of 7,016 barrels of oil per day and 78.1 million cubic feet of gas per day. The well was spudded on September 4, 1997 and was drilled to a total depth of 10,510 ft. The well was deviated up to 53 degrees in order to reach all of the potential hydrocarbon target zones and encountered a total column of approximately 217 ft of net hydrocarbon pay in six zones. Four drill stem tests were carried out and are summarized below: DST No. ÿÿ ÿÿÿÿÿÿÿÿÿÿÿ 1 ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 2 DEPTH (ft) ÿÿ9,975-10,016 ÿÿÿ9,774 - 9,855 ZONE ÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿ K10 ÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿ J70 BOPD/BCPD ÿÿÿÿÿÿ194 ÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿ313 MMSCFGPD ÿÿ ÿ ÿ13.3 ÿÿÿÿÿÿÿ ÿÿÿÿÿ15.8 CHOKE SIZEÿÿÿÿÿ36/64" ÿÿÿÿ ÿÿ ÿÿÿ40/64" DST No. ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ3 ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ4 DEPTH (ft) ÿ 8,795-8,810 ÿÿ 6,789-6,852 ZONE ÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿ I90 ÿÿÿÿÿÿÿÿ H4 BOPD/BCPD ÿ ÿÿÿ 5,509 ÿÿÿ ÿ1,000 MMSCFGPD ÿ ÿÿÿÿ 1.01 ÿÿÿ ÿÿÿÿ48.0 CHOKE SIZEÿÿÿÿ ÿÿÿ2.0" ÿÿÿÿ ÿÿÿ2.8" The well was designed to evaluate both the north western extension of the company's West Bunga Raya field and an extension of the H4 gas channel sands. The Bunga Raya field was successfully drilled in 1996 and will be brought into production in phase two of block PM-3 development. The H4 gas channel sands were successfully explored with the recent Bunga Seroja-1 well which flowed 64.80 million cubic feet of gas per day and 1,325 barrels of condensate per day. The full extent of this area and the H4 as well as the H3 gas channel sands will be established with the 1998 drilling campaign. Of note is the presence of a thick oil sand at the I90 zone which is the same prolific interval in the company's producing Bunga Kekwa field five kilometres to the northwest. The Bunga Kekwa field has been recently put into production through an early production system in phase one of block PM-3 development. The stabilized flow rate of the Bunga Kekwa field is approximately 18,500 barrels of oil per day. During phase two of block PM-3 development, all of the block's fields will be progressively developed to achieve an oil production of approximately 40,000 barrels of oil per day and a gas production of approximately 250 million cubic feet per day. Phase two is already under way and production is anticipated to start at the end of 1999. The company has a 26.44% working interest in block PM-3, offshore Malaysia, in the commercial arrangement area between Malaysia and Vietnam. The company operates the block on behalf of its partners: Petronas Carigali Sdn Bhd (46.06%), Sands Petroleum AB (15%) and Petro Vietnam Exploration and Production (12.5%).