Jan 23, 2010

Oil Search spins Gobe drill bit

OIL Search has begun drilling a well in PPL 219, Southern Highlands province, targeting a seismically defined conventional area analogous to the producing SE Gobe oil field reports PNG industry news.

The company began drilling the Wasuma-1 well on January 18 and was yesterday drilling ahead at a depth of 920m.

Wasuma-1 is an oil prospect about 7 kilometres northeast of the SE Gobe oil field. The well is targeting both the Iagifu and Toro sandstones with mean potential recoverable reserves estimated at 25 million barrels.

The well is expected to take 40-45 days to drill to a depth of 2400m and may be deepened to test another target subject to the results.

Oil Search holds a 71.25 percent interest in Wasuma-1 while Nippon Oil Exploration Company has 28.75 percent.

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