EWC Updates on Drilling at Walanga #2 Well in Sengkang PSC

Hong Kong-based Energy World Corporation Ltd. reported that the previously announced drilling program for Wasambo (Walanga - Sampi Sampi - Bonge) gas fields within the Sengkang Production Sharing Contract in South Sulawesi, Indonesia is progressing on schedule and on Oct. 18 the 300 feet gas column in Walanga #2 well was reached at a depth of 2,322 feet.

The gas layer content and pressures are in line with expectations. Interpretations of these results are currently ongoing and the Company will make further announcements when the appropriate competent persons have provided their report and advice to the Company.

In the meantime, tubing and well head equipment is being installed on the Walanga #2 well in preparation for commercial production.

The rig will then be removed to the Walanga #3 well for the next well drilling operation.

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