Eni Discovers Significant Gas Reserves in Indonesia's Kutei Basin [Yahoo! Finance]
Canadian Natural Resources Limited (CNQ)
Last canadian natural resources limited earnings: 3/5 05:00 am
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Source: Yahoo! Finance
The discovery was made in the Konta-1 exploration well, which was drilled to a depth of 4,575 meters. The exploratory well was drilled within the Muara Bakau Production Sharing Contract (PSC), operated by Eni. The Kutei Basin is located approximately 50 km off the coast of East Kalimantan. Eni stated that the Konta-1 well has identified gas in high-quality sandstone reservoirs from the Miocene period. The company has carried out an extensive campaign to collect data to understand the size and properties of the gas discovery. Per Eni, the sandstone reservoirs have shown excellent petrophysical properties, such as high porosity and permeability. The initial estimates suggest that the discovery has 600 billion cubic feet (Bcf) of gas initially in place in the four reservoirs. The potential upside from the discovery, which includes additional resources in the Konta Prospect area, could push the total resources well over 1 trillion cubic feet (Tcf). The Konta gas discovery is in close
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