Singapore-listed IEV Holdings Limited (the Company, and together with its subsidiaries, IEV or the Group) referred Thursday to the Announcements (dated Feb. 17, 2012, Aug. 15, 2012, April 22, 2013, Feb. 21, July 18 and Nov. 13) and wishes to announce that the Group has spud the first development well in the Cilamaya structure of the Pabuaran Kerjasama Operasi (KSO) block in Indonesia.
The Pabuaran KSO block is located onshore in West Java, Indonesia, and is part of the greater North West Java Basin with a total acreage of 29.7 square miles (77.04 square kilometers). Two main structures - the Cilamaya Selatan and Pabuaran have been identified as the most promising areas and two oil and gas discoveries and production tests were previously undertaken on these structures in respect of which results have indicated that hydrocarbon resources were present.
The first of the development wells, the CLS-1TW, is a Twin Well located about 82 feet (25 meters) away from the CLS-1 exploration well in Cilamaya Selatan, which was drilled previously. This development well will be drilled by the APS#1001 drilling rig to a depth of 7,053 feet (2,150 meters) and will target several objectives including the Parigi, Upper Cibulakan, Cibulakan, Z16 and Baturaja formations, where both hydrocarbon and contingent resources were identified from the recent Geological Geophysical Report (GGR) and Asset Valuation Study. Barring any unforeseen circumstances, the drilling and production flow tests at the aforesaid objectives will take approximately six weeks from the date of this announcement.
The Group estimates that the drilling and testing results of the CLS-1TW should be available in 1Q 2015. The Company will announce the results of the drilling operations as soon as such results are available.
A photograph of the drilling rig and a map setting out the locations of the CLS-1TW and CLS-1 wells are appended in this announcement for reference.
Save for their shareholdings in the Company, none of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the KSO Project. The Directors are also not aware of any substantial shareholders that have any interest, direct or indirect, in the KSO Project.
Investors and potential investors are advised to exercise caution when dealing with the shares of the Company in relation to this announcement.
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