Seismic Data Acquisition Starts in Sakti PSC Offshore East Java

KrisEnergy Ltd. announces that the S.V. Nordic Bahari vessel has started acquisition of 1,200 km 2D seismic data in the Sakti production sharing contract (“PSC”) offshore East Java.

The acquisition program was awarded to PT. Alamjaya Makmur Sejahtera in consortium with PT. Bahari Lines Indonesia. The 2D program is part of the work obligations under the PSC.

Immediately following the completion of the 2D seismic program, 400 sq km of 3D seismic data is scheduled to be acquired by PT. CGG Services Indonesia. The 3D seismic acquisition program is expected to commence at the end of September.

Chris Gibson-Robinson, Director Exploration & Production commented: “KrisEnergy was awarded operatorship of the Sakti PSC in February this year and we are pleased to be able to commence exploration work in a timely fashion. Sakti is adjacent to the Bulu PSC, where we have submitted a development plan for the Lengo gas field, and will form part of our gas aggregation plans into the gas-hungry East Java market.”

The Sakti exploration block covers 4,974 sq km in the East Java Sea over the western margin of the East Java Basin, Bawean Arch and the Muriah Trough. Water depths in the area range between 50 metres and 60 metres. KrisEnergy holds a 95% operated working interest in the Sakti PSC and the other participant is Golden Haven Jaya Ltd. with 5%.

Press Release, September 08, 2014