Pearl Oil Drills Duster Offshore Indonesia

Pearl Oil is plugging and abandoning the Liyun-1 well after reaching a total depth of 9,032 feet (2,753 meters). Logging over both the primary objective Kujung I reef and the section below indicates that a significant amount of hydrocarbons are not present. Liyun-1 is an exploration well in the Bulu Production Sharing Contract, and is located in the East Java Basin offshore Indonesia in a water depth of about 180 feet (55 meters). Pearl Oil is the operator of the Bulu Production Sharing Contract, holding a 42.5% interest; AWE holds a 42.5% interest; PT Satria Energindo holds a 10% interest; and PT Satria Wijaya Kusuma holds the remaining 5% interest.

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