IEV Commences Work-Over at PBN-01 Well in Pabuaran Block in West Java
IEV Holdings Limited (the Company, and together with its subsidiaries, IEV or the Group), a Singapore-listed integrated engineering solutions provider, reported Friday that the Group will commence work-over activities at existing well PBN-01 in the Pabuaran Block (the Kerjasama Operasi, or KSO Project) in Subang district, West Java, Indonesia in February 2014.
The work-over activities by IEV's subsidiary PT IEV GAS follow the recent well site preparation and will take approximately 14 days to complete. During the work-over activities, the well will be tested for reserves calculations and production flow rate to allow the Group to prepare the necessary surface facilities to bring the well to production. The Group has also completed the reprocessing of seismic data. The results of the study have potentially identified additional areas and structures the Group can explore within the KSO Project. Until production test results are available and commercial production commences, the KSO Project is not expected to have any impact on the Group’s earnings per share and net tangible assets per share for the current financial year ending Dec. 31.
The Group also plans to commence a drilling program at CLS structure in 2014 and further announcements will be made as drilling schedule is confirmed.
Save for their shareholdings in the Company, none of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the KSO Project. The Directors are also not aware of any substantial shareholders that have any interest, direct or indirect, in the KSO Project.
Investors and potential investors are advised to exercise caution when dealing with the shares of the Company in relation to this announcement.
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