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Kulczyk Oil Ventures Spuds Lukut Updip-1 Well in Brunei

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Kulczyk Oil Ventures Inc. (KOV) reported that the Lukut Updip-1 (LKU-1) exploratory well on its Lukut Updip prospect on Brunei Block L has commenced drilling. The LKU-1 well is operated by AED Southeast Asia Limited, an indirect wholly-owned subsidiary of KOV.

Lukut Updip Well

The LKU-1 well, the first exploration well to be drilled during the Brunei Block L Phase 2 drilling campaign, will be drilled as a directional well with a planned measured depth of 9,708 feet and a planned true vertical depth (TVD) of 7,975 feet. The well will test the potential of a triple junction structure (the Triple Junction) that has formed where the Belait and Jerudong Anticlines meet with the Simbatang Fault. The primary targets, at a depth of approximately 6,562 feet TVD are deltaic and base slope sand deposits of Middle Miocene age with an anticipated aggregate thickness of up to 820 feet. Overpressure is expected and the company will use managed pressure drilling (MPD) techniques for the drilling of LKU-1. The well is expected to take approximately 40 days to drill.

The Triple Junction represents the last stop for basinal hydrocarbon migration. The Prospective Resources which may be trapped in the Triple Junction were estimated by independent reserve engineers RPS Energy Consultants Ltd. in their report Nov. 12. The estimates for the Lukut Updip Prospect, one of four prospect areas included within the Triple Junction, range between a High Estimate of 114 million barrels of oil equivalent (MMboe) and a Low Estimate of 6 MMboe, with a Best Estimate of 27 MMboe. The estimated Prospective Resources for the Triple Junction are a High Estimate of 355 MMboe and a Low Estimate of 27 MMboe with a Best Estimate of 105 MMboe. These estimated Prospective Resource volumes, which are un-risked and are for the net 90 percent interest of KOV, would be substantially de-risked by a successful well at LKU-1.

KOV has a 90 percent interest in the Block L with indirect wholly-owned subsidiary Kulczyk Oil Brunei Limited having a 40 percent interest and indirect wholly-owned subsidiary AED SEA (operator) having a 50 percent interest. The remaining 10 percent interest is owned by a private Brunei company at arm’s length to KOV.

Block L is a 434-square mile exploration and development block covering certain onshore and offshore areas of Brunei. The first two exploration wells, Lempuyang-1 and Lukut-1, were drilled by KOV and its joint venture partners in 2010 in the southern part of Block L. Both wells encountered hydrocarbons. The Lempuyang-1 well tested gas but was abandoned due to downhole operational problems associated with high pressure. Wireline logs of the Lukut-1 well indicated potential gas zones which have not been tested to date.

In June 2012, KOV announced the completion of field operations for its acquisition of 74 square miles of 3D, 6.3 square miles of 3D swath and 8.7 miles of 2D seismic on Brunei Block L. The project was completed safely with no lost time accidents. A total of 2.5 million man hours were logged on this project with an average crew size of approximately 1,000 persons. This new seismic information, together with interpretation of approximately 135.1 square miles of 3D data acquired by the Company in 2009 and geological evaluations, helped to define the drilling targets for the LKU-1 well.

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