Drilling Commences on Brunei Block M

Kulczyk Oil Ventures announced that the Markisa-1 well on Block M in Brunei Darussalam has commenced drilling. Markisa-1 is the second well to be drilled on Block M during 2010 by Kulczyk Oil and its joint venture partners. The first well on Block M, Mawar-1, was cased to total depth in mid-September and suspended pending testing.

The Markisa prospect was identified on the 3D seismic data acquired by the joint venture in 2009. The prospect is a separate undrilled fault compartment identified within the greater Belait Anticline. Given the drilling history within the Belait trend, the Markisa-1 well is considered to be low-to- moderate risk.

Markisa-1 is being drilled as a deviated well to test a sandstone reservoir that produced oil in the 1920's and early 1930s in an adjacent fault block. The well will also evaluate several secondary targets within the Miocene Belait Formation and is expected to intersect the main Belait thrust fault. The well is designed to a total depth of approximately 1,335 meters.

The well is being drilled by the MB Century Rig 104 and is expected to take approximately 28 days to drill and evaluate on a trouble free basis. In the case of a discovery, the well is likely to be suspended pending testing by another rig designed for that purpose. The well is located 30 kilometres south of the giant Seria oil field and the facilities in that area which include an oil refinery and terminal and the Brunei liquefied natural gas (LNG) facility.

The partners in Brunei Block M and in the Markisa-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 Markisa-1 exploratory well is the second 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.

Kulczyk Oil Brunei Limited, another indirect wholly-owned subsidiary of Kulczyk Oil, has a 40% interest in Block L to the north of Block M. The first well on Block L, Lukut-1, was drilled to total depth 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.


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