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KrisEnergy Finds Gas at Tayum-1 Well in Kutai PSC

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KrisEnergy Ltd, an independent upstream oil and gas company, announced that it has completed drilling at the Tayum-1 exploration well in the Kutai production sharing contract (PSC) offshore Kalimantan in the Makassar Strait, Indonesia. KrisEnergy is the operator of the Kutai PSC.

Tayum-1, located approximately 5 miles (8 kilometers) east-southeast of the Dambus-1 gas indication well, was drilled directionally to a total depth of 11,095 feet measured depth (feet MD), or -8,410 feet total vertical depth subsea (feet TVDSS). Preliminary well log evaluation indicates that the well encountered approximately 49 vertical feet of net gas pay from multiple sandstone intervals between 2,377 feet MD (-2,295 feet TVDSS) and 7,180 feet MD (-5,903 feet TVDSS) within the Miocene to Pliocene section, from which two gas samples were recovered. Two further gas samples were also recovered from what are interpreted to be shaly-sand gas pay intervals between 6,647 feet MD and 6,660 feet MD (-5,567 to -5,575 feet TVDSS) and 7,366 feet MD to 7,402 feet MD (-6,023 feet TVDSS to -6,046 feet TVDSS).

The well has been plugged and abandoned as a gas discovery (by MDT sampling) and the Company is evaluating the results together with the data from two earlier gas discoveries, Dambus and Mangkok. The jackup Randolph Yost (300' ILC), which is owned by Shelf Drilling Co., was released July 10.

KrisEnergy holds a 54.6 percent operated working interest in the Kutai PSC and is partnered by Salamander Energy with 23.4 percent and Orchid Kutai Ltd. with 22 percent.

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