On December 23, 2009, the well was at a depth of 2,496mts preparing to cement 13 3/8″ casing. The Lolotoe prospect is a three way dip faulted anticline having about 300mts of vertical relief. The well is targeting a prospective oil resource of 90 million barrels (100% basis) in the primary objective Elang/Plover formations. The water depth at the proposed well location is 105mts.
The reservoir objectives penetrated in the Lolotoe-1 well will be evaluated by a suite of data including mud log, real time drilling data and wire line logs after the well reaches total depth to determine presence of hydrocarbons. The well design does not include drill stem tests and will be plugged and abandoned when the evaluation is concluded.
Oilex operates JPDA 06-103 with 10% participation interest. Other joint venture partners include Videocon with 25%, GSPC with 25%, Bharat PetroResources with 25%, and Japan Energy E&P with 15% interest.
Pan Pacific Petroleum has recently signed conditional farmin deals with Videocon, Bharat PetroResources and GSPC to acquire a 15% participating interest in JPDA 06-103.
