Rift Drills Ahead at Puk Puk-1 in PNG

Rift Oil plc advises that Puk Puk-1, a separate structure from Langia and Douglas, is currently being drilled by the Coral Sea Rig and is on plan at 560 meters. The target depth is 2,100 meters.

Drilling of Puk Puk-1 commenced earlier this month. This was a major milestone in the development and exploitation of PPL 235 in PNG, following on from the Douglas-1 gas discovery in 2006". Flow testing of Douglas-1 will follow the drilling and testing Puk Puk-1 leading to an assessment of the size of the fields. Depending on drilling and testing progress, the results of Puk Puk are expected to be known in June and of the Douglas-1 flow test in July.

Puk Puk-1 is Rift's second well in this drilling phase. The Company's independent expert has advised that this exploration target has a mean recoverable resource of 226 BCF gas in the event of success, and that the Douglas discovery, Langia and the un-risked prospects in PPL 235 including Puk-Puk are estimated to have a mean recoverable resource in the order of 800 BCF with gross high best estimates of up to 1.3 trillion cubic feet recoverable..