Stock News: Singapore Petroleum to abandon exploration well in Indonesia

Singapore Petroleum Co Ltd (SPC) said it will abandon exploration activities at the Wortel-2 appraisal well, part of the Sampang production sharing contract in Indonesia, after the drill stem test did not recover significant hydrocarbons. SPC holds a 36 pct stake in the oil discovery contract, which it is jointly exploring with partners Santos Ltd, Cue Energy and PT Petrogras. "There are plans for further appraisal drilling, including a third well, Wortel-3 appraisal well, to determine the full potential of the Wortel gas discovery, subject to partners' and governmental approval and rig availability," the company said in a statement.