(Sharecast News) - Harbour Energy said on Monday that its Timpan-1 exploration well offshore Indonesia has encountered a "material gas accumulation".
It completed the drilling of the well in a water depth of 4,245 feet. The well was drilled to a total vertical depth of 13,818 feet subsea. It encountered a 390-foot gas column in a high net-to-gross, fine-grained sandstone reservoir.
A full data acquisition programme has been completed including wireline logging, 240 feet of core recovered and a drill stem test.
Harbour said that while the well has encountered a material gas accumulation, further work will be required to establish commerciality and the full potential of this play across the licence.
Gary Selbie, President Director, Indonesia, said: "We are encouraged by the result of this play-opening exploration well and potentially building on our successful operating history in Indonesia.
"We look forward to working with our partners and the Government of Indonesia to determine the potential for commercialisation of this important discovery."
At 1205 BST, the shares were up 3% at 335.50p.
Harbour Energy (HBR)