International Petroleum Corporation (IPC) (TSX, Nasdaq Stockholm: IPCO) announced on Tuesday (Jun25) that it has commenced drilling of the first well in a planned multi-well drilling program on Block PM307, located offshore Peninsular Malaysia. IPC is the operator of Block PM307 and holds a 75% working interest, with Petronas Carigali Sdn Bhd holding the remaining 25% working interest.
The PM307 drilling program is planned to consist of two infill landing pilot wells in the southeastern and northeastern areas of the Bertam field, followed by the Keruing exploration well and three Bertam field infill wells.
The first pilot well will test the upside potential in the northeastern A15 area, which could lead to an additional infill well being added to the 2019 program in the success case. The second pilot well will target the southeastern A14 area with the aim to confirm commercial quantities of hydrocarbons and to act as a landing pilot to de-risk development drilling. The Keruing exploration well will target a prospect in the I-35 reservoir, approximately 600 metres shallower than the Bertam field.
Mike Nicholson, CEO of IPC, comments: “I am very pleased to see the start of an exciting multi-well drilling program in Malaysia which follows the two successful infill drilling campaigns in 2016 and 2018. These wells are targeting low cost, high value tiebacks to our Bertam field facilities, aimed at maximizing the value of our Malaysian business for all stakeholders.”