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.
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.
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.
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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