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  • MEO Australia Nears First Drill Target At Gurame SE-1X 0 comments
    Oct 7, 2012 8:20 PM

    MEO Australia (ASX: MEO) is drilling ahead towards the first of two reservoir objectives at its Gurame SE-1X appraisal well on the Gurame oil and gas field off northern Sumatra.

    "Drilling is proceeding safely, without incident and according to plan. We look forward to the continuation of a safe and efficient drilling campaign to put the next section of the well behind casing before entering the first of the two reservoir objectives," managing director Jürgen Hendrich said.

    The Hercules 208 jack-up drilling rig has currently drilled Gurame SE-1X to a depth of 2,041 metres.

    Gurame SE-1X well was selected as the lowest risk drill-ready candidate for early development.

    It will be drilled to a total depth of 3,425 metres to test an estimated 0.5 trillion cubic feet gas resource with potential for 57 million barrels of oil in the Baong Sandstone and Belumai Formation primary targets.

    MEO expects the target reservoirs at this location to be naturally fractured and gas bearing, a combination which should enhance the potential to achieve a commercial flow rate.

    The Seruway PSC is located within the offshore portion of the North Sumatra Basin, Indonesia and contains multiple existing gas and oil discoveries as well as undrilled prospects

    MEO has a 100% interest in Seruway.

    Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.

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