Petronas-Shell Malaysia JV Makes Fifth Successive Discovery

CS Mutiara Petroleum Sdn Bhd, a 50:50 joint venture company between PETRONAS Carigali Sdn Bhd and Shell Exploration and Production Malaysia B.V., has made another gas discovery in Block PM301, off the northeast coast of Peninsular Malaysia.

The Bunga Kesumba-1 well, located in a water depth of 55 meters, was spudded on 28 May 2005. It was drilled to a total depth of 1,430 meters and encountered multiple gas zones. Further technical evaluation is required to determine the volumes present.

Bunga Kesumba-1 is CS Mutiara Petroleum's fifth discovery in Block PM301, following the consecutive exploration successes of Bunga Kamelia, Bunga Zetung, Bunga Anggerik and Bumi South. The well is located about 15 kilometers southeast of the Bumi South gas discovery in February 2005.

With this latest discovery, CS Mutiara Petroleum has achieved a 100 per cent success rate in its exploration campaign in Block PM301. The company is currently embarking on technical studies to assess the development options for these gas discoveries.

CS Mutiara Petroleum was formed in July 2001 and operates Blocks PM301 and PM302, both located off the northeast coast of Peninsular Malaysia.