Petronas-Shell JV Makes Third Discovery Offshore Malaysia

CS Mutiara Petroleum Sdn Bhd, a 50:50 joint venture company between PETRONAS Carigali Sdn Bhd and Shell Exploration and Production Malaysia B.V., has made another significant gas discovery in Block PM301, off the northeast coast of Peninsular Malaysia.

The Bunga Anggerik-1 well, spudded on November 21, 2004, was drilled to a total depth of 1,527 meters and encountered four gas zones. Further technical evaluation is required to determine the reserves.

Bunga Anggerik-1 is the third discovery in Block PM301, following the recent exploration successes of Bunga Kamelia and Bunga Zetung. The latest discovery is located about six kilometers east of the Bunga Zetung gas field discovered in July 2004.

CS Mutiara Petroleum is currently embarking on an appraisal campaign and studies for the development of these three discoveries.

CS Mutiara Petroleum was formed in July 2001 and operates Blocks PM301 and PM302, both located off the northeast coast of Peninsular Malaysia.