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Mirach Updates on KM-606 Production Well in Sumatra

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Singapore-listed oil and gas exploration and production company Mirach Energy provided an update on the KM-606 production well at the Kampung Minyak (KM) oil field in south Sumatra, Indonesia. The KM-606 well, that was drilled in December 2012 and suspended due to extreme bad weather conditions earlier this year, is now ready for production after well perforations at a targeted layer.

The well was drilled up to 1,591 feet (485 meters) and encountered five layers of oil zone that aggregate 73.5 feet (22.4 meters). Perforation was completed for 3.3 feet (1 meter) at one of the five oil zones in depths of 935 feet (285 meters) and recorded daily production of 40 barrels of oil per day.

KM-601 well that commenced production in November 2012 has a cumulative production of about 7,000 barrels of oil as at June 2013. KM-600 that was drilled earlier is still pending well logging data analysis and testing.

The KM team is moving on to drill another four targeted wells based on the promising shows from the two producing wells, in the first week of August.

Mirach Energy is licensed to produce oil at the Kampung Minyak field for 15 years under a Joint Operation Agreement with Indonesia's state owned oil and gas firm PT Pertamina. The field covers 17.4 square miles (45 square kilometers) with 65 million barrels of Original Oil in Place mainly located in the reservoir formation between 656-1,640 feet (200-500 meters).

Daqing Enterprise International, a subsidiary of PetroChina Daqing Oilfield Company Limited, is Mirach Energy's partner in the KM field.

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