Petrogas updates on the drilling of Zircon 1 exploration well in Salawati Kepala Burung

9/29/2013

Petrogas updates on the drilling of Zircon 1 exploration well in Salawati Kepala Burung

SINGAPORE -- RH Petrogas Limited has posted an update on the drilling of the Zircon-1 exploration well in the Salawati Kepala Burung PSC, Indonesia.

Zircon 1 reached its total vertical depth of 1,525 m 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 m 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 Ltd. and RHP Salawati Island 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.

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