Extract from 19 October ASX announcement. Looks like LIO will have some drilling action interest before end of October and continuing into 2005 in oil producing areas.
DETAILS OF THE 2005 WP&B 1. Development Drilling Up to 16 development wells have been included in the programme, comprising 12 wells to be drilled in the Oseil structure from locations of existing wells Oseil 2 & 4. The directional wells are engineered to maximize horizontal section within the productive Manusela reservoir to maximize production rate and reserves recovery per well. In addition, 4 wells are intended to access oil reserves in two satellite structures delineated by the Oseil 3D seismic acquired over the oilfield in 2001 - 2002. The first 3 of these 16 development wells have been approved by BP MIGAS as part of the 2004 Work Programme and the first well, Oseil 3, is due to start drilling later this month.
LIO Price at posting:
0.0¢ Sentiment: None Disclosure: Held
