Drilling For Oil Has Begun
Indonesia has a long history of oil production. Sonoro Energy is intent on revisiting that success. Drilling has started and Sonoro aims to re-open this promising petroleum basin.
Sonoro is a Toronto Venture Exchange oil and gas publicly traded company (TSXV:SNV) focused on oil and gas exploration and production in South East Asia.
Sonoro, through its wholly owned subsidiaries, has a 71.5 percent working interest in a production sharing contract (PSC) for the exploration rights to a 1,094-square-kilometer onshore area on Sulawesi, Indonesia called the Budong Budong PSC. The company plans to revisit success by drilling one appraisal well on this PSC for a shallow (500-meter), well defined Pliocene structure, which through the previously drilled LG-1, had oil and gas shows. The Company is also pursuing other oil and gas opportunities in Southeast Asia where it sees significant growth opportunity.
The Budong Budong Production Sharing Contract (“BB PSC”) lies on the coast of western Sulawesi almost directly opposite Balikpapan. Sonoro has remapped the shallow LG Prospect from existing 2D seismic to better define the 4-way closure drilled by the LG-1 well and has confirmed that it was drilled on the flank of the structure. More importantly Sonoro has looked in detail at the pressure data collected during the drilling of the well and confirmed that it intersected a series of hydrocarbon reservoirs with clear oil gradients. The result is that LG-1 up-dip is a oil prospect with a crest some 110 metres up-dip from LG-1 well. LG-1 up-dip is therefore a low risk appraisal project with all pay intervals between 200 to 600 metres depth and an estimated TD of around 750 metres. There are at least two further follow up shallow prospects of similar if not larger size in the northern area of the PSC and a really impressive lead in the southern area with a preliminary mapped 15km x 3km closure, a TD of around 1000 metres with an oil seep on crest but which will need more low cost seismic (weight drop 2D) to firm up.
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