Singapore Petroleum Says Dukuh-1 a Duster

Singapore Petroleum Company Limited reports that the Dukuh-1 exploration well in the Sampang Production Sharing Contract is being plugged and abandoned after failing to encounter significant hydrocarbons.

SPC and its partners intend to move the drilling rig to a new location in the eastern part of the Sampang PSC to drill a new exploration well, Herbras-1.

The Company does not expect the above to 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.

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

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%; Santos with 40.5%; Cue Sampang with 13.5% and PT Petrogas Oyong Jatim with 10%.

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.

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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