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Site preparation is complete, the rig has been mobilised with rig up currently ongoing and with a recent 0k capital raise complete, this company will now be finding out a whole lot more about its two well-defined prospects.
The well is within the company’s South Block A PSC (40.7% net to this company), will be drilled to a depth of 530m, and will target sandstone reservoirs which have delivered over 600 mmbbl of oil, 2.2 tcf of gas, and 50 mmbbl condensate in close proximity.
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Here’s what the M capped LIO has been able to achieve up until now: All the while, the company is continuously generating new portfolio opportunities.
Board members of LIO either live in Indonesia or are there often, with a boots on the ground approach and understand how business is conducted in the country.
Should have been metal clips so that this would never happen.
LIO is targeting conventional and unconventional prospects located within range of known abundant conventional oil and gas reserves and is set to aggressively advance its portfolio, with multiple short to mid-term catalysts on the horizon.
Since LIO repositioned itself at the beginning of 2014, the company has delivered on its promises, often ahead of schedule and under budget.
Indonesia, has in fact, been a hot spot for conventional oil and gas exploration for over 100 years.
And now the island nation is opening up for unconventional discoveries, which plays nicely into this fiscally disciplined company’s business strategy.