Key Gibraltar Drills Rossukon-3ST Well in the Gulf of Thailand

KrisEnergy Ltd. (KrisEnergy or the Company), an independent upstream oil and gas company, reported Wednesday that the jackup Key Gibraltar (300' ILC) has commenced drilling of the Rossukon-3ST sidetrack exploration well in G6/48 in the Gulf of Thailand. Rossukon-3ST is the fourth well to be drilled in the G6/48 contract area in 2015 following successful results for the Rossukon-2, Rossukon-2ST and Rossukon-3 wells in March and early April.

Rossukon-3ST will be drilled from the Rossukon-3 surface location and is planned to reach a total depth at 6,689 feet (2,039 meters) measured depth (minus 4,500 feet true vertical depth subsea) with a maximum deviation of 74 degrees. Water depth at the Rossukon-3 well location is 208 feet.

G6/48 covers 218.5 square miles (566 square kilometers) over the Karawake Basin and lies to the north of the G10/48 license, where KrisEnergy is developing the Wassana oil field. KrisEnergy took over operatorship of G6/48 in May 2014. The Company holds a 30 percent working interest in the concession and is partnered by Northern Gulf Petroleum Pte Ltd. with 40 percent and Mubadala Petroleum with 30 percent.

The Key Gibraltar jackup is owned by Shelf Drilling (Southeast Asia) Limited. KrisEnergy has contracted the rig for a firm six months for its Thai drilling program, which includes the latest Rossukon series of wells in G6/48 and 15 development wells in the Wassana oil field.

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