Oil Search, which has a 44.9% stake in the well said SEG-1 ST1 will be drilled as a deviated oil well to penetrate the Iagifu reservoir approximately 300m to the northeast and about 50m downdip of the current SEG-1 intersection.
Drilling is expected to take 21 days and the well should be brought into production rather quickly, Oil Search told the market today.
The well is targeting proved and probable reserves of 1.6 million barrels with a highside expectation of 2.6 million barrels and is hoped to have an annual production rate of 2400 barrels of oil per day when completed.
Other participants in the South East Gobe unit include Cue PNG (3.3%), Chevron Nuigini ( 7.9%), ExxonMobil (5.90%), Merlin Petroleum (2.8%), Oil Search (44.9%), Petroleum Resources Gobe (2%), Southern Highlands Petroleum (23.7%) and Santos (9.4%).
