Oil and gas group Salamander Energy has announced that it has started drilling at its Bontang project in the North Kutei basin in Indonesia.
The company has spud its South Kecapi-1 DIR and DIRA exploration wells in the wholly owned and operated project in East Kalimantan.
South Kecapi-1 DIR will be drilled to a depth of around 2,450m total vertical depth sub sea and, once completed, will be sidetracked around 1.5km to the west with the DIRA well being drilled to a depth of around 2,100m TVDSS.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Salamander said that the wells are targeting gas and oil pay in a series of stacked Pliocene-Upper Miocene sandstone reservoirs.
"The combined mean pre-drill estimate of prospective recoverable resources is approximately 275 Bcf and 20 MMbo," the company said in a statement.
-
SIPP holders to get cash warnings and be offered default fundsNews Providers will be required to offer investors a default fund and must warn customers of the inflationary risk of cash savings the regulator has said. What the new rules mean for your retirement pot?
-
Zoopla: Asking price discounts hit a five-year high – is now the time to buy a property?
News Zoopla’s October House Price Index shows sellers are accepting discounts of 5.5% on average to secure a sale – we reveal where homeowners are taking the biggest asking price cuts
