Kulczyk Spins Bit at Brunei Well

Kulczyk Oil announced that the Mawar-1 well, the first well to be drilled on Block M in Brunei Darussalam since 1988, has commenced drilling. A minimum of two wells will be drilled on Block M during 2010 by Kulczyk Oil and its joint venture partners.

The Mawar-1 well, which commenced drilling on August 26, 2010, has an initial target depth of approximately 1,300 meters. The well is being drilled as a deviated well to test multiple sandstone objectives within the Middle to Late Miocene Belait Formation. The Mawar prospect was identified as being prospective for oil after interpretation of 3D seismic acquired in 2009 by KOV and its joint venture partners in Block M. The well is being drilled by the MB Century Rig 104 which had been drilling wells in Indonesia prior to its arrival in Brunei. It is expected to take approximately 25 days to drill and in the event of a discovery of oil or natural gas the well would be suspended pending testing by another rig designed for that purpose.

The partners in Brunei Block M and in the Mawar-1 well are KOV Borneo Limited (36%), Tap Energy (Borneo) Pty Ltd (39%), China Sino Oil Co. Ltd. (21%) and Jana Corporation Sdn Bhd (4%). KOV Borneo Limited is an indirect wholly-owned subsidiary of Kulczyk Oil. The Mawar-1 exploratory well is the first of a minimum of three wells to be drilled on Block M by Kulczyk Oil and its joint venture partners in Block M during the Phase 1 exploration period ending in August 2011. The first well, Lukut-1, was drilled on Brunei Block L and suspended in mid-June pending testing by a service rig. A second Block L well, Lempuyang-1, commenced drilling operations on July 15 and is currently drilling. Kulczyk Oil Brunei Limited, an indirect wholly-owned subsidiary of Kulczyk Oil, has a 40% interest in Block L and in each of the Lukut-1 and Lempuyang-1 wells.


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