SPC and its partners in the Kakap Production Sharing Contract ("Kakap PSC") will drill the Pancing-1X exploration well ("Pancing–1X") within 48 hours. The rig, "Frontier Duchess," is currently on location and waiting on good weather.
Pancing-1X is located in the western part of the South Kakap block. Drilled between the oil and gas producing KG and KH fields, Pancing-1X will test a new reservoir objective and play type in the deeper formation in South Kakap. The well is anticipated to reach a true vertical depth of 3,962 meters subsea and is expected to take approximately 43 days to drill.
The operator of the Sampang Production Sharing Contract ("Sampang PSC"), Santos Limited has advised that first oil production from the Oyong field previously targeted for late June 2007, has been delayed. This is mainly due to delays in the procurement of equipment in the current tight engineering, procurement and construction services market. This equipment is to be used in the conversion of the Oyong production barge. Further updates on the Oyong production will be provided when these become available.
The Group 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 a 15% interest in the Kakap PSC through its wholly-owned subsidiary, SPC Kakap Ltd, which in turn is a wholly-owned subsidiary of SPC Production Company Ltd.
The Kakap PSC is located in the West Natuna Sea of Indonesia and is 1,247 kilometers northwest of Jakarta, Indonesia. It consists of two blocks, namely North Kakap and South Kakap. There are currently nine producing oil and gas fields in South Kakap. The previous exploration well, Lukah-1X, drilled in May 2006, successfully tested natural gas and condensate over two sand intervals.
SPC holds a 40% interest in the Sampang PSC through its wholly owned subsidiary, Singapore Petroleum Sampang Ltd.
The Oyong field is located in shallow waters in the Sampang PSC area, offshore East Java, Indonesia, some 45 kilometers east of the city of Surabaya.
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