RH PetroGas (SGX:T13) reported that its Piarawi-1 well in the Salawati PSC, Indonesia, has encountered 25 feet of net oil pay, according to a Thursday filing on the Singapore Exchange.
After successful acid stimulation tests, the well will be completed as a producer.
Production is expected to begin by end-2024, at an initial rate of 100-200 barrels per day. The well will require an estimated $500,000 for tie-in to existing facilities. This marks a significant boost for the Salawati PSC, which began in 2020.
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