RH Petrogas Spuds Klagalo-1 Exploration Well in Kepala Burung PSC

Singapore-listed RH Petrogas Limited (RHP or the Group), engaged mainly in the business of exploration, development and production of oil and gas resources, announced Wednesday that the Group has commenced Oct. 15 the drilling of the Klagalo-1 exploration well (Klagalo-1) in onshore Kepala Burung PSC (Basin PSC) using the Huabei Rig #6. The Basin PSC is located in West Papua, Indonesia and covers an area of 336.6 square miles (872 square kilometers).

The Klagalo prospect was identified following a 112 square miles (290 square kilometers) 3D seismic survey conducted in 2004. It is located approximately 5.6 miles (9 kilometers) east of the two North Klalin oil and gas discoveries made by the Group in recent years.

Klagalo-1 is planned to reach a total vertical measured depth of 6,840 feet (2,085 meters) and the drilling is anticipated to take approximately 38 days.

Francis Chang, vice president of Exploration and Production of RH Petrogas said, “The Klagalo-1 is testing a huge prospect and if successful, will open up new fairway for the Kais limestone reservoir.”

The Group has an aggregate 60 percent working interest in the Basin PSC through its wholly owned subsidiaries Petrogas (Basin) Ltd. and RHP Salawati Basin B.V. Meanwhile its partner, PetroChina International (Bermuda) Ltd. (Operator of the PSC), holds 30 percent participating interest of Basin PSC and PT Pertamina Hulu Energi Salawati holds the balance 10 percent. The consortium, as contractor of Indonesian government operating under the supervision of SKK Migas (Satuan Kerja Khusus Minyak dan Gas), has actively explored and produced oil and gas in the working area.

The Group would also like to provide an update on the status of the Zircon-1 exploration well (Zircon-1). The testing of Zircon-1 has been delayed due to rig repairs. The Group will provide further update once testing is completed.


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