Mirach Provides Operational Update at Kampung Minyak Oil Field

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Singapore-listed oil and gas exploration firm Mirach Energy Limited announced Monday that the daily production volume at Kampung Minyak (KM) oil field in south Sumatra, Indonesia is currently recorded at 126 barrels of oil per day, from less than a hundred barrels per day in August 2013.

This is following the completion of KM-611, which was spud Sept. 5 and is currently producing at a stabilized oil flow rate of around 36 barrels of oil per day. The cost of drilling and completing KM-611 is estimated at around $0.63 million.

On the other hand, KM-607, which completed drilling in August 2013, has not commenced production yet. This is due to a delay in well completion process as the operation team has recommended more adequate surface facilities and equipment to cope with the additional pressure experienced from the well bore. The Company will update on the results upon well completion and a stabilized production rate.

The team has also spud KM-603 with targeted drilled depth of 1,541.9 feet (470 meters), and expects drilling to complete by Oct. 6, to be followed by analysis and perforations.

KM-611, KM-607 and KM-603 are three of the four wells that were approved for drilling by PT Pertamina. The Company plans to drill a total of nine wells at the Kampung Minyak oil field this year.

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