Singapore-listed RH Petrogas Limited (the Company) provided an update Wednesday on its announcement (SGXNET Announcement No. 86) issued Sept. 5 on the drilling of the Zircon-1 exploration well (Zircon-1) in the offshore Salawati Kepala Burung Production Sharing Contract (Island PSC), West Papua, Indonesia.
Zircon-1 reached its total vertical depth of 5,003.28 feet (1,525 meters) Sept. 25 and logging operation has since commenced. The well encountered oil shows during drilling in the Kais formation and was deepened from the original planned total vertical depth of 3,953.41 feet (1,205 meters) to assess the deeper potential. Production testing will follow if log analysis confirms the presence of hydrocarbon zones.
After completion of Zircon-1, the Bohai VIII (250' ILS) jackup will move to drill the Koi-2 appraisal well as announced Sept. 5.
The Company through its wholly owned subsidiaries Petrogas (Island) Ltd. and RHP Salawati Island B.V. has an aggregate 33.21 percent working interest in the Island PSC. The other partners in the Island PSC are PetroChina International Kepala Burung Ltd. (16.79 percent) and PT Pertamina Hulu Energi Salawati (50 percent). The Island PSC is operated by JOB Pertamina-PetroChina Salawati, which is a joint operating body formed between Pertamina and PetroChina. The consortium, as contractor of the Indonesian government, operates under the supervision of SKK Migas (Satuan Kerja Khusus Minyak dan Gas).
Oil and gas exploration, development and production are expensive, high-risk and complicated operations. Shareholders and investors are advised to exercise caution when dealing in the shares of the Company.
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