RH Petrogas' wholly owned subsidiaries Petrogas Basin Ltd. (PBL) and RHP Salawati Basin B.V. (RHPSB) have made a new gas and condensate discovery in the North Klalin-1 exploration well drilled in the Kepala Burung PSC (Basin PSC), located in the Sorong area, West Papua. Recent drill stem tests conducted on the well produced 5.867 MMSCFD (million standard cubic feet per day) of natural gas on a 24/64" choke, with 137 BPD (barrels per day) of condensate. The well was spudded in June 2011 and completed in September 2011.
The new discovery is expected to increase the gas and condensate production of the RHP Group. The Basin PSC is now producing around seven thousand BOEPD (barrels of oil equivalent per day). The discovery will be appraised by the drilling of delineation wells and if proven, will help to meet the increasing gas demand in the area.
The discovery in the North Klalin field is located close to existing production fields. It is therefore expected that development of the field could be accelerated with production commencing in early 2012.
Dr. Tony Tan, Chief Executive Officer said, "The North Klalin-1 well is our first exploration drilling since we completed the acquisition of the Basin PSC assets in December 2010, and we are very pleased with this discovery. We will continue to work with our partners to further appraise the potential resources of the North Klalin field."
The Company through PBL and RHPSB has an aggregate 60% working interest in the Basin PSC. The other partners are PetroChina International (30%) and PT Pertamina Hulu Energy (10%).
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