Serica Energy PLC (SQZZF), an energy company, Thursday said the indicated volume of hydrocarbons present at the Marindan-1 Exploration Well, Kutai PSC, Indonesia, is not expected to be sufficient to justify commercial development and the well will be plugged and abandoned.
Serica Energy PLC (SQZZF), an energy company, Thursday said the
indicated volume of hydrocarbons present at the Marindan-1 Exploration Well,
Kutai PSC, Indonesia, is not expected to be sufficient to justify commercial
development and the well will be plugged and abandoned.
MAIN FACTS:
-Serica and its partners spudded the Marindan-1 offshore exploration well on
Oct. 27 using the jack-up drilling rig Trident IX.
-The objective of the well was to investigate the potential for hydrocarbon
accumulations in a sequence of Miocene sands and carbonates.
-Marindan-1 was drilled as a deviated well and on Dec. 2 reached total depth of
3,469 meters measured depth, or MD(3,225 meters true vertical depth subsea).
-Shares at 1406 GMT down 6 pence, or 11.5%, at 46 pence valuing the company at
GBP85.6 million.
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