On reaching the casing point, 9″ casing will be run before drilling the primary objective Elang/Plover formation sandstones. The Lolotoe-1 well is the second well of a two well program in the Timor Sea contract area JPDA 06-103.
The Lolotoe prospect is a three way dip faulted anticline having about 300 metres of vertical relief. The well is targeting a mean prospective oil resource of 90 million barrels (100% basis) in the primary objective Elang/Plover formations. The geological horizons have been encountered as predicted, or slightly higher than predicted.
The Elang/Plover formation primary objective will be evaluated by a suite of data including, as appropriate, mud log, real time drilling data and wire line logs after the well reaches total depth to determine presence of hydrocarbons.
Since the last report, further delays were experienced with cementing and sidetrack operations and the anticipated time from spud to total depth is now about 30 days, the company said.
Oilex operates JPDA 06-103 with 10% participation interest. Other joint venture partners include Videocon with 25%, GSPC with 25%, Bharat PetroResources with 25%, and Japan Energy E&P with 15% interest.
Pan Pacific Petroleum has recently signed conditional farmin deals with Videocon, Bharat PetroResources and GSPC to acquire a 15% participating interest in JPDA 06-103.
