Lasmo finds gas in RI

Lasmo finds gas in RI

LONDON (Dow Jones): Oil and gas exploration and production company Lasmo PLC (LSO) said Friday that it has discovered gas in both the Gada and Gula prospects off the coast of East Kalimantan, Indonesia.

The company said the Gula 1 well was drilled to a depth of 16,182 feet in 6,224 feet of water and the Gada 2 well was drilled to a depth of 15,223 feet in 6,224 feet of water.

The Gula 1 well encountered over 260 feet of net gas pay while the Gada 2 well encountered 70 feet of net gas pay.

The company said future drilling will test the deeper section in both structures and should increase the resource potential.