SPC and Partners Spud Dukuh-1 Exploration Well

Singapore Petroleum Company together with its partners in the Sampang Production Sharing Contract have begun drilling the Dukuh-1 exploration well.

Dukuh-1 is located approximately 10 kilometers south of the Jeruk oil discovery and about 40 kilometers southeast of the city of Surabaya.

Dukuh-1 will test Tertiary sandstone reservoirs within a seismically defined four-way dip closure and is anticipated to be drilled to a total depth of 3,200 meters subsea. The drilling of the well is expected to take approximately 44 days.

The drilling will not have any material impact on the earnings per share and the net tangible asset per share of the SPC group of companies for the current financial year.

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.

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

Singapore Petroleum Sampang Ltd with 36.0%
Santos (Sampang) Pty Ltd with 40.5%
Cue Sampang Pty Ltd with 13.5%
PT Petrogas Oyong Jatim with10.0%

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.

PT Petrogas Oyong Jatim 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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