StockMarketWire.com - Coro Energy said it had spud the Tambak-2 well located in the West Natuna basin, offshore Indonesia.

The Tambak-2 well would be drilled as a vertical well and was prognosed to intersect the intra-Muda reservoir up dip from the Mako South-1 well, at a depth of approximately 380 metres below sea level, the company said.

The well was planned to total depth at approximately 595 metres below sea level. Total time to drill, core, log and test was estimated to be approximately 33 days, after which the rig was then planned to immediately move to the Tambak-1 location, the company said.

An independent review by Gaffney Cline & Associates ascribed gross 2C resources of 276 Bcf (48.78 million barrels of oil equivalent (boe) of recoverable dry gas in the Mako field with gross 3C resources of 392 Bcf (69.3 MMboe) representing additional field upside.

Management estimated that in the event of the Tambak-2 well resulting in a successful appraisal of the southern area of the Mako gas field, approximately 100 Bcf of gross contingent resources would be added to the 2C category from the 3C category.



Story provided by StockMarketWire.com