Serinus Spuds Luba-1 Exploration Well at Brunei Block L

Serinus Energy Inc. (Serinus or the Company), an international upstream oil and gas exploration and production company, announced Tuesday that the Luba-1 exploratory well on Brunei Block L commenced drilling Nov. 11. The Luba-1 well is operated by AED Southeast Asia Limited (AED SEA), an indirect wholly-owned subsidiary of Serinus.

Luba -1 Well

Luba-1 is the second of two commitment wells to be drilled during the 2013 Brunei Block L Phase 2 drilling campaign. The well is planned to evaluate the hydrocarbon potential of the Triple Junction structure, within the Luba Fault Block south-west of the Lukut Updip-1 gas well drilled earlier this year.

The Luba Prospect was interpreted using the 2009 Tutong 3D seismic volume, and is planned to be drilled as a directional well to test a Direct Hydrocarbon Indicator (DHI) or “Flat Spot” observed in the B horizon in the Luba Fault Block. Unlike Lukut Updip-1 which targeted deep water sand bodies contained within the Setap shale formation, the Luba prospect will target shoreface to near shore deltaic sandstones of Pliocene to Late Miocene age, which are the traditional exploration targets in Brunei. In addition to evaluating the primary target (B Horizon), the Luba-1 well will also evaluate the shallower R Horizon. Both horizons are located in interpreted trap position created by two extensional normal faults which form the Luba fault block. The primary B Horizon target, is expected to be encountered at a depth of approximately 9,192 feet (2,802 meters) measured depth (7,742 feet or 2,360 meters true vertical depth), and the well is expected to take approximately 35 days to drill. Formations are anticipated to be normally pressured.

Prospective Resources for the Luba prospect were estimated by independent reserve engineers RPS Energy Consultants Ltd. (RPS) in their report Nov. 12, 2012 and range between a High Estimate of 77 million barrels of oil equivalent (MMboe) and a Low Estimate of 10 MMboe, with a Best Estimate of 32 MMboe. These estimated Prospective Resource volumes, which are un-risked and are for the net 90 percent interest of Serinus' in the Luba Prospect.

Serinus has a 90 percent interest in the Block L with indirect wholly-owned subsidiary Kulczyk Oil Brunei Limited having a 40 percent interest and indirect wholly-owned subsidiary AED SEA (operator) having a 50 percent interest. The remaining 10 percent interest is owned by a private Brunei company at arm’s length to Serinus.


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