SPC and Partners Spud Jeruk-3 Appraisal Well

Jeruk 3
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Singapore Petroleum Company together with its partners have begun drilling the Jeruk-3 well to further appraise the Jeruk oil discovery.

Jeruk-3 is being drilled as a deviated well to penetrate the Kujung carbonate reservoir in a crestal area in the western part of the Jeruk structure. The well is anticipated to be drilled to approximately 5,500 meters in measured depth (5,200 meters vertical depth subsea). The drilling of the well is expected to take approximately 90 days using Transocean's Sedco 601.

The economic interest of SPC in the Jeruk field is approximately 21.8% prior to the participation by an Indonesian participant*. The legal documentation for the participation by the Indonesian participant, PT Petrogas Oyong Jatim ("Petrogas"), is currently being finalized.

Upon completion of the participation by Petrogas, the economic interests of the partners in the Jeruk field will be approximately as follows:

Singapore Petroleum Sampang Ltd 19.6%
Santos (Sampang) Pty Ltd 40.5%
Medco Strait Services Pte Ltd 22.5%
PT Petrogas Oyong Jatim 10.0%
Cue Sampang Pty Ltd 7.4%

* Under the terms of the Sampang Production Sharing Contract ("Sampang PSC") and as with other Indonesian production sharing contracts, the Indonesian government has the right to nominate an Indonesian entity to participate in a 10.0% undivided interest in the Sampang PSC, which includes the Jeruk field. In return, Petrogas is required to reimburse its 10.0% share of past operating costs incurred in the Sampang PSC to the existing partners.

SPC is a regional oil and gas company with interest in oil and gas exploration and production, refining, terminalling and distribution, marketing and trading of crude and refined petroleum products. It is an associated company of Keppel Oil & Gas Services Pte Ltd, a wholly-owned subsidiary of Keppel Corporation Limited.

SPC holds its interest in the Sampang PSC through its wholly owned subsidiary, Singapore Petroleum Sampang Ltd.

The Jeruk field is located offshore East Java about 42 kilometers east of Surabaya in water depth of 44 meters.

Participants in the Sampang PSC upon completion of the participation by Petrogas in the Sampang PSC will be as follows:

Singapore Petroleum Sampang Ltd 36.0%
Santos (Sampang) Pty Ltd 40.5%
Cue Sampang Pty Ltd 13.5%
PT Petrogas Oyong Jatim 10.0%

Santos (Sampang) Pty Ltd is an Australian based energy company, operating internationally, with interests and operations in every major Australian petroleum province and in the United States, Indonesia, Papua New Guinea and Egypt.

Cue Sampang Pty Ltd is an Australian publicly listed oil and gas exploration, and production company, based in Melbourne. Its operations are in Papua New Guinea, Indonesia, New Zealand and Australia.

Medco Strait Services Pte Ltd is a wholly owned subsidiary of PT Medco Energi Internasional Tbk. Ltd which is a publicly listed integrated energy company in Indonesia, with business involvement in oil and gas exploration and production, oil and gas drilling services, methanol production, LPG production and power generation. It has operations in Libya, the Gulf of Mexico in the United States and in several parts in Indonesia.

Petrogas is a wholly owned subsidiary of PT Petrogas Wira Jatim ("PWJ"), a limited liability company in the form of Regional Government Business Enterprise established under the laws of Indonesia. PWJ is set-up and wholly owned by the Provincial Government of East Java, Republic of Indonesia, to manage its 10% Indonesian Participation interests within the East Java provincial boundaries such as the Sampang and Madura Offshore PSCs.

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