One well fine another one not very well

Swedish oil and gas exploration company Lundin Petroleum announces that its exploration well in the Blora Block, Indonesia has spudded.
     The main target of this well is the Oligocene Sandstone formation, a well known and proven reservoir in the area.
     The drilling operations will be completed in the fourth quarter 2004 and the total depth is expected to be 1 235 meters.
     Lundin has also reached an agreement with Kuwait Foreign Petroleum Exploration Company to transfer a 40 percent working interest in the Blora block to a subsidiary of the buyer.
     As part of the agreement has the Kuwaitis agreed to fund a percentage of Lundin Petroleum’s well costs there.
     A second exploration well located on the Lematang block in Indonesia has reached its main reservoir objective.
     But an analysis showed that the prospective reservoir section was thinner than anticipated and the well has been declared non commercial, plugged and abandoned.

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