Mirach Energy Updates on Upstream Operations in Cambodia, Indonesia

Mirach Energy Limited disclosed Friday that its associate company CPHL (Cambodia) has submitted the final draft of Environment Impact Assessment (EIA) for Cambodia offshore Block D to the country's Ministry of Mine and Energy's unit Cambodian National Petroleum Authority (CNPA) for approval.

Approval for an extension to the exploration stage for Block D has been delayed as the Ministry of Mine and Energy, newly created after Cambodia's election in 2013, has not confirmed the "new ministry team to the public," Mirach said in a company release Friday.

CPHL (Cambodia) has been invited by CNPA new management team to continue to apply for the extension, with a formal meeting between the two sides scheduled for early March. This will be followed by a discussion of the company's first drilling plan with the new Minister of Mine and Energy.

Meanwhile, Prisma Kampung Minyat (PKM) has been granted the drilling and operation budget from Indoensia's national oil and gas company Pertamina to drill another five deeper wells to test deeper pay zones (S8-S12) at the Kampung Minyak oil field in south Sumatra, Indonesia. All designed depth for the 5 new drillings are over 2,952 feet (900 meters). However, with a conservative investing plan, PKM management decided to drill two deeper wells to assure the production and gain better geological knowledge of deeper zones at first stance. The drilling is scheduled to start in the second quarter of this year.

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