Gulf, Talisman test wells

Gulf, Talisman test wells

DENVER (Dow Jones): Gulf Indonesia Resources Ltd and its partners reported positive results from the Corridor Production Sharing Contract area in south Sumatra, Indonesia.

In a news release, the company said the Suban 3 delineation well, a 2.2-kilometer step-out from the previously announced Suban 2 natural gas reservoir, shows a previously untested and potentially significant shallower oil reservoir.

Gulf Indonesia, which holds a 54 percent working interest in the Corridor Block Production Sharing Contract, is contract operator for Pertamina, the Indonesian state oil company.

Gulf Indonesia said a 570-meter open-hole interval above 2,540 meters tested at daily rates of about 27 million cubic feet of natural gas and about 200 barrels of condensate a day. It said the upper 225 meters appear to be productive.