(WO) — Lion Power has contracted the SCD-20 rig from Silver Metropolis Drilling to drill the Bula Karang-1 exploration nicely in Indonesia’s East Seram manufacturing sharing contract, marking a key step towards spudding the prospect.
The corporate mentioned in an ASX submitting that the nicely is anticipated to spud in mid-2026 and can goal oil sources within the East Seram block.
Bula Karang-1 is designed as a deviated nicely to check offshore constructions from an onshore drilling location, decreasing growth prices whereas accessing potential reservoirs.
The prospect is estimated to comprise round 12 million barrels of oil (P50), with drilling anticipated to supply additional readability on the block’s useful resource potential.
The rig award represents a key milestone as Lion Power advances exploration exercise in Indonesia, the place operators proceed to focus on underexplored basins with typical oil potential.
