ExxonMobil discovers second oil field on Cepu Block

Mobil Cepu Ltd. (MCL), a unit of US oil, gas giant ExxonMobil Corp. has made another oil discovery in Cepu block, East Java, the second oil find in the block.

The Kedung Keris-1 discovery well was drilled on land to a total depth of 7,032 feet (2,143 meters). The well encountered an oil column of 561 feet (171 meters) in the target carbonate zone. The well is located approximately 9 miles (14 kilometers) from the Banyu Urip oil discovery made in 2001.

?The Kedung Keris discovery will be an important addition to the 450 million barrels of oil expected to be recovered from the Full Field Development at Banyu Urip,? said Terry S.McPhail, President of Mobil Cepu Ltd. ?Its similarity to the other Cepu fields provides confirmation of our exploration strategy on the block, and its proximity to Banyu Urip provides a good opportunity to advance development of this new oil discovery.?

The Kedung Keris-1 well data will be analyzed over the coming months to evaluate the full resource potential of the reservoir, the company said.

The company also has made four gas discoveries on the Cepu Block since exploration began in 1999.

Mobil Cepu Ltd., is the operator of the Cepu Block. Mobil Cepu Ltd., and Ampolex (Cepu) PTE Ltd., both subsidiaries of Exxon Mobil Corporation, hold 45 percent interest in the block with Pertamina EP Cepu holding 45 percent interest and the Cepu Block Cooperation Body (BKS) holding 10 percent interest. (godang)