Last checked at 9 Dec 2008 18:14
Sound Oil plc
9 December 2008
Testing Operations on Pasundan-1 Well
The Pasundan-1 exploration well is currently being plugged and abandoned after recovering formation water.
Pasundan-1 was a test of a high risk, high impact reef target located onshore West Java, Indonesia, drilled approximately one year ago by the former operator of the Citarum PSC and targeting a very large seismically defined reef. The well encountered approximately 500 meters of limestone section with 21 metres of cavernous reservoir in the upper portion. This upper cavernous zone, on the basis of this test, has now been proven to be water bearing.
Dr. Gerry Orbell, Sound Oil Chairman and CEO, commented that although the result is disappointing, it does not detract from the overall attractiveness of the PSC for further exploration. To realize this exploration potential an approximately 800 km 2D seismic survey is currently underway, targeting several large, surface expressed leads independent of the target tested at the Pasundan-1 well. Further exploration drilling is anticipated in 2009.
Sound Oil plc is a 20% partner (through its wholly owned subsidiary Mitra Energia Citarum Limited) in the Citarum PSC which is operated by Pan Orient Energy Citarum Limited (a wholly owned subsidiary of Pan Orient Energy Holdings Limited). The Pasundan-1 exploration well is located approximately 50 km southeast of Jakarta, Indonesia.
Dr Michael Cope BSc PhD CGeol, Head of Exploration at Sound Oil, a qualified petroleum geologist, has reviewed the technical information contained in this news release.
Contacts:
Gerry Orbell, Chairman, Sound Oil plc
Tel: +44 (0)7903 861145
Dr A Basirov/David Jones, Smith & Williamson Corporate Finance Limited
Tel: +44 (0)207 131 4000
Tim Thompson - Buchanan Communications
Tel: +44 (0)207 466 5000