Pearl Energy Completes Second Sebuku PSC Exploration Well

Pearl Energy has completed drilling the Berlian 1A exploration well in the Sebuku Production Sharing Contract.

Berlian 1A was located approximately 30 kilometers northwest of the Makassar Straits-1 gas discovery well and was targeting a carbonate reef within the Berai Formation. The well was drilled to a total depth of 4,200 feet within the Upper Tanjung Formation. The target reservoir was encountered at 2,173 feet but samples and wireline logs indicated that the Berai Formation was devoid of hydrocarbons. Although the well was planned to be deepened to 5,400 feet to test secondary objectives in the Lower Tanjung Formation, hole problems prevented this and the well has been plugged and abandoned without testing.

The Company has decided to defer the drilling of the third exploration well in the planned three-well program in order to fully evaluate the findings of the first two wells.

The Shelf Explorer will be demobilized to Chevron on completion of activities at Berlian-1A.

The Sebuku PSC covers an area of approximately 8,773 sq. km and is located offshore east of Kalimantan.

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