IEV Conducts Production Testing at CLS-1TW Well in West Java's Pabuaran KSO

Singapore's IEV Holdings Limited (IEV or the Company, and together with its subsidiaries, the Group) referred Thursday to the Announcements (Feb. 17, 2012, Aug. 15, 2012, April 22, 2013, Feb. 21, 2014, July 18, 2014, Nov. 13, 2014 and Dec. 4, 2014) and disclosed that hydrocarbon bearing intervals have been identified in the Parigi and Upper Cibulakan Formations in the CLS-1TW development well in Cilamaya Structure in the Pabuaran Kerjasama Operasi (KSO) block, onshore West Java, Indonesia. The CLS-1TW is a replacement well of the CLS-1 well drilled in 1980.

Hydrocarbon Shows

The CLS-1TW well has been successfully drilled to Total Depth (TD) of 6,945 feet (2,117 meters) measured depth (MD). Hydrocarbon bearing intervals have been identified based on results from mud logs during drilling and a preliminary interpretation of a full suite of electric wireline logs. Several depth intervals have been identified for production testing.

  • The well encountered gas shows within the Parigi Formation over a gross interval of approximately 1,541 feet (470 meters) MD. This is the first occasion that the Parigi Formation has confirmed good gas responses in the Cilamaya Structure. Potential gas bearing pay zones were noted from 3,202-3,208 feet (976.0-978.0 meters) and 3,215-3,220 feet (980.5-981.5 meters) MD. Other notable potential gas intervals were at 3,358-3,377 feet (1,023.5-1029.5), 3,330-3,458 feet (1,015-1,054 meters), 3,581-3,594 feet (1,091.5-1,095.5 meters), 4,512-4,516 feet (1,375.5-1,376.5 meters), and 4,527-4,530 feet (1,380.0-1,381.0 meters) MD and could be either matrix or fracture intervals. Many of these intervals showed high total gas unit counts and high methane readings during chromatography of mud returns. Further, the electric wireline logs demonstrated density-neutron crossovers, interpreted as indications of gas bearing intervals
  • The well recorded oil shows in the Upper Cibulakan Formation from cuttings returns over an approximate 699 foot (213 meter) MD gross interval. Dull, pale brown, even fluorescence was found in limestone and minor fine grained sandstone intervals. Fluorescence, as an indicator for the presence of hydrocarbons, increased with depth from approximately 10 percent at the top of the unit to 90 percent at the base of unit. Potential oil bearing pay zones in the Upper Cibulakan formation are at 5,833-5,836 feet (1,778.0-1,779.0 meters), 6,414-6,433 feet (1,955.0-1,961.0 meters), and 6,522-6,532 feet (1,988.0-1,991.0 meters) MD. Other potential oil intervals are at 5,859-5,864 feet (1,786.0-1,787.5 meters), 5,905-5,915 feet (1,800.0-1,803.0 meters) MD. Many of the above intervals showed high resistivity and good density-neutron character on electric wireline logs, which is a further indirect indicator of the presence of oil.

Well Logging and Production Testing

The electric wireline logs were run to a total depth of 6,945 feet (2,117 meters) MD. The log suite comprised spontaneous potential (SP), gamma ray, caliper, density, neutron, photo electric factor (PEF), and resistivity. Only selected zones will be production tested due to the limitation in available perforating explosives as the well was originally planned for only two intervals.

The production testing will involve flow testing and pressure build-ups to determine reservoir flow capacity and well deliverability, leading to updates in the quantification of reserves and resources in the Cilamaya and neighbouring Pabuaran structures.

Barring any unforeseen circumstances, test results will be announced as soon as the production testing program is completed, which is expected to be within the next 30 days.

Further Plans

Barring any unforeseen circumstances, following the completion of the production testing, IEV plans to commence production of the crude oil from CLS-1TW Z16 Upper Cibulakan Formation intervals, which will be delivered to the sale point at the Pertamina Refinery in Cirebon.

Save for their shareholdings in the Company, none of the Directors 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.


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