Oil Search notches up another production well

OIL Search will suspend its IDT 25 well in the Kutubu oilfield of Papua New Guinea’s Southern Highlands province due to poor hole conditions, but it will be completed as a production well.
Oil Search notches up another production well Oil Search notches up another production well Oil Search notches up another production well Oil Search notches up another production well Oil Search notches up another production well

The development/exploration well reached a depth of 3738 metres and there were hydrocarbon indications over the target Koi Iange interval.

Poor hole conditions led to inconclusive logs, but a hydraulic workover unit will be brought in during October to test and complete the well as a producer from the primary Toro reservoir, Oil Search said.

Rig 104 will move onto another exploration target, Hedinia 10, within the same petroleum licence.

The participants of IDT 25 are Oil Search (60.05%), Merlin Petroleum (18.69%), Ampolex/PNG Petroleum (11.61%), Petroleum Resources Kutubu (6.75%) and Merlin Pacific Oil (2.91%).

Oil Search shares closed up 6c at $6.68 yesterday.

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