IEV Releases Independent Resource Report for West Java's Pabuaran KSO Block

Singapore-based IEV Holdings Limited (IEV or the Company, and together with its subsidiaries, the Group) announced Thursday that PT. IEV Pabuaran KSO (PT. IEV Pabuaran, a 95 percent-owned subsidiary of the Group) has received an Independent Qualified Person’s Report (IQPR) in respect of the Cilamaya Selatan structure at the Pabuaran KSO block, located in West Java, Indonesia (the Pabuaran KSO).

The IQPR was issued by Senergy Oil & Gas (Singapore) Pte Ltd (LR Senergy), an independent evaluator and part of the Lloyds Register Group. The IQPR was prepared following the completion of drilling and production testing of the CLS-1TW well at the Cilamaya Selatan structure in April. LR Senergy has prepared the IQPR in accordance with Practice Note 4C of the Singapore Exchange Securities Trading Limited (SGX-ST) Listing Manual Section B: Rules of Catalist (Catalist Rules). LR Senergy has based its estimation of Reserves and Resources on the guidelines prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE) and reviewed and jointly sponsored by the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Evaluation Engineers (SPEE). These guidelines are the March 2007 Petroleum Resources Management System (PRMS).

LR Senergy has estimated the Reserves and Resources on gross (100 percent) as well as net entitlement to PT. IEV Pabuaran (Net Entitlement) bases, as of July 1, as shown in the following tables.

Oil at Cilamaya Selatan structure – Phase 1 Development

  • Gross Oil Reserves (Approved for Development) (MMstb)
    • 1P - 0.66; 2P - 0.82; 3P - 1.02
  • Net Entitlement Oil Reserves (Approved for Development) (MMstb)
    • 1P - 0.24; 2P - 0.32; 3P - 0.43

Gas at Cilamaya Selatan structure – Phase 2 Development

  • Gross Gas Contingent Resources (Development Pending) (Bscf)
    • 1P - 5.17; 2P - 7.83; 3P - 14.25
  • Net Entitlement Gas Contingent Resources (Development Pending) (Bscf)
    • 1P - 0.86; 2P - 3.15; 3P - 9.84

Name of Qualified Person: Dr. Mike Reeder

Date: Aug. 11 (date of IQPR); July 1 (effective date of Reserves and Resources estimates)


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