Sep 13 - RH Petrogas Updates on the Drilling of Zircon-1 Exploration Well in Salawati Kepala Burung Psc (“island PSC”)

Source Press Release
Company RH PetrogasPertaminaPetroChina 
Tags Exploration, Discovery, Upstream Activities
Date September 27, 2013

The Board of Directors of RH Petrogas Limited (the "Company") refers to its announcement (SGXNET Announcement No. 86) issued on 5 September 2013 and is pleased to provide an update on the drilling of the Zircon-1 exploration well ("Zircon-1") in the Salawati Kepala Burung PSC


(Island PSC"), Indonesia.

Zircon-1 reached its total vertical depth of 1,525 meters on 25 September 2013 and logging operation has since commenced. The well encountered oil shows during drilling in the Kais formation and was deepened from the original planned total vertical depth of 1,205 meters to assess the deeper potential. Production testing will follow if log analysis confirms the presence of hydrocarbon zones.

After completion of Zircon-1, the rig will move to drill the Koi-2 appraisal well as announced on 5 September 2013.

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 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 the Indonesian government, operates under the supervision of SKK Migas (Satuan Kerja Khusus Minyak dan Gas).

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