RH Petrogas: Oil Shows at Koi-2 Well in Indonesia

Singapore’s RH Petrogas Limited has provided an update on the drilling of the Koi-2 appraisal well (“Koi-2”) in the Salawati Kepala Burung PSC (“Island PSC”), Indonesia.

Located in shallow water depth of 32 meters, the well successfully reached its total vertical depth of 1,428 meters on 30 December 2013. During drilling of the Kais limestone, oil shows were observed from cutting samples. As a result, two conventional cores with total length of 50 feet were cut from the well. Both cores encountered oil shows. Logging operation is currently being carried out and production testing will follow if log analysis confirms the presence of hydrocarbon zones.
The Company through its wholly owned subsidiaries Petrogas (Island) Ltd. and RHP Salawati Island B.V. has an aggregate 33.21% working interest in the Island PSC. The Island PSC covers an area of 1,097 km2.

The other partners in the Island PSC are PetroChina International Kepala Burung Ltd. (16.79%) and PT Pertamina Hulu Energi Salawati (50%). The Island PSC is operated by JOB Pertamina-PetroChina Salawati, which is a joint operating body formed between Pertamina and PetroChina. The consortium, as contractor of Indonesian government operating under the supervision of SKK Migas (Satuan Kerja Khusus Minyak dan Gas), has actively explored and produced oil and gas in the working area.
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Press Release, January 02, 2014