KrisEnergy Spuds Mustika-1 Prospect in East Java Sea With KS Java Star

Singapore-based KrisEnergy Ltd., an independent upstream oil and gas company, reported Monday that it has spud the Mustika-1 exploration well in Sakti Production Sharing Contract (PSC) in East Java Sea, Indonesia with the jackup KS Java Star (300' ILC).

Drilling is expected to take approximately 20 days, with the Mustika-1 well, which is targeting the Kujung I formation, expected to reach a total measured depth at 3,100 feet (945 meters), or 3,000 feet total vertical depth subsea.

KrisEnergy indicated that the location of the Mustika-1 prospect is based on the interpretation of the 747 miles (1,202 kilometers) 2D and 155 square miles (401 square kilometers) 3D seismic data the firm acquired in 2014.

“The decision to drill Mustika-1 at this time comes as we are finalizing project details for the Lengo development. This prospect is 6.2 miles (10 kilometers) west of Lengo and, if successful, we would look at producing Sakti gas through the Lengo facilities,” Chris Gibson-Robinson, director Exploration & Production, said in the press release.

The company is operator of the Bulu PSC, located adjacent to the Sakti PSC and contained the Lengo gas discovery for which KrisEnergy received approval for its plan of development in December 2014. Front-end engineering design for the Lengo development was completed in the third quarter of 2015, while gas sales negotiations are ongoing and preparations are underway to tender the contract for engineering, procurement, construction and installation.

KrisEnergy has been operator of the Sakti PSC, which covers 1,920 square miles (4,974 square kilometers), with a 95 percent working interest since February 2014. Golden Heaven Jaya Ltd. holds the remaining 5 percent working interest in the offshore block.

On Nov. 23, KS Energy Ltd. disclosed that it has secured a $2.8 million drilling contract for KS Java Star to work in Indonesia in December.


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