Petronas-Shell Joint Venture Strikes Gas Again

CS Mutiara Petroleum Sdn Bhd, a 50:50 joint venture between PETRONAS Carigali Sdn Bhd and Shell Malaysia Exploration & Production, has made another gas discovery in Block PM301, offshore Peninsular Malaysia.

The Bunga Zetung-1 well, spudded on July 9, 2004, was drilled to a total depth of 1,876 meters and encountered four gas zones with estimated recoverable reserves of 0.2 trillion standard cubic feet, subject to further technical evaluation. Bunga Zetung-1 is the second successive discovery in Block PM301, following the success of the Bunga Kamelia gas discovery in November 2003. The new discovery is located 20 kilometers southeast of the Bunga Kamelia gas field. CS Mutiara Petroleum has near-term plans to pursue drilling of a number of nearby exploration prospects in the Block as part of its exploration and appraisal campaign prior to embarking on development of these gas fields.

CS Mutiara Petroleum was formed in July 2001 and operates Blocks PM301 and PM 302, off the northeast coast of Peninsular Malaysia.