KrisEnergy Finds Hydrocarbons at Rossukon-3 Exploration Well Off Thailand

KrisEnergy Ltd. (KrisEnergy or the Company), an independent upstream oil and gas company, provided Tuesday an update on the Rossukon-3 exploration well in G6/48 in the Gulf of Thailand, which was drilled by the jackup Key Gibraltar (300' ILC) following the successful evaluation of the Rossukon-2 and sidetrack wells in March.

Rossukon-3 was drilled to a total depth of 7,497 feet (2,285 meters) measured depth, or minus 6,235 feet true vertical depth subsea (TVDSS). KrisEnergy’s preliminary interpretation of well logs indicates that the well intersected approximately 75 feet true vertical depth (TVD) of net oil-bearing sandstones and 49 feet TVD of net gas-bearing sandstones over several reservoir intervals. Water depth at the Rossukon-3 location is 208 feet. The well lies 1.2 miles (1.9 kilometers) west of the Rossukon-2 surface location and 1.1 miles (1.8 kilometers) northwest of the original Rossukon-1 discovery well, drilled in 2009.

Rossukon-3 will be plugged back and the G6/48 partners have agreed to immediately begin drilling the Rossukon-3ST sidetrack exploration well. Rossukon-3ST is planned to drill to a total depth of 6,689 feet (2,039 meters) measured depth (minus 4,500 feet TVDSS) at a maximum deviation of 74 degrees.

Chris Gibson-Robinson, director Exploration & Production, commented: “The three wells drilled so far in this campaign are promising and will increase the contingent resources in G6/48. Once Rossukon-3ST is completed, we will undertake a thorough technical review incorporating data from all the Rossukon wells, and the existing seismic data, to more fully assess the potential for commercial development in the future.”

G6/48 covers 218.5 square miles (566 square kilometers) over the Karawake Basin and lies to the north of the G10/48 license, where KrisEnergy is developing the Wassana oil field. KrisEnergy took over operatorship of G6/48 in May 2014. The Company holds a 30 percent working interest in the concession and is partnered by Northern Gulf Petroleum Pte Ltd with 40 percent and Mubadala Petroleum with 30 percent.

The Key Gibraltar jackup is owned by Shelf Drilling (Southeast Asia) Limited. KrisEnergy contracted the rig for a firm six months for its Thai drilling program, which includes the latest Rossukon series of wells in G6/48 and 15 development wells in the Wassana oil field.


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