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KrisEnergy Updates on Drilling at Cua Lo-1 ST-1 Well off Vietnam

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KrisEnergy Ltd. (KrisEnergy or the Company), an independent upstream oil and gas company, disclosed Thursday that the Cua Lo 1 ST-1 exploration well in Block 105-110/04 (Block 105) has reached a total depth of 9,406 feet (2,867 meters) measured depth (MD), or minus 9,186 feet (minus 2,800 meters) total vertical depth subsea (TVDSS). The operator, Eni Vietnam B.V., is currently running wireline logs prior to undertaking a drill stem test. The Company intends to make a further announcement once all data has been received and analyzed.

The Cua Lo 1 ST-1 well is a sidetrack well to the original Cua Lo-1 exploration well, which commenced drilling Aug. 11 and was then subsequently plugged back from a depth of minus 8,303 feet (minus 2,531 meters) TVDSS and sidetracked due to an unexpected high pressure kick. Drilling operations have been further delayed by a series of strong typhoons passing through the region, which have resulted in the evacuation of crew from the jackup Ensco 107 (400' ILC) on four occasions.

Block 105 covers an area of 2,776 square miles (7,192 square kilometers) offshore northern Vietnam, overlying the central Song Hong Basin where water depths range from 65 feet (20 meters) to 262 feet (80 meters). The water depth at the Cua Lo 1 ST-1 location is 249 feet (76 meters).

KrisEnergy holds a 25 percent working interest in Block 105 and is partnered by Eni Vietnam B.V. with 50 percent working interest and Neon Energy (Song Hong) Pty Ltd with 25 percent.


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