IEV Holding spuds first development well in Pabauran KSO

By Romel S. Gurky

SGX-listed IEV Holdings Limited announced on Wednesday that the group has spudded the first development well in the Cilamaya structure of the Pabuaran KSO block.

The Pabuaran KSO block is located onshore in West Java, and is part of the greater North West Java Basin with a total acreage 77.04 sq km. Two main structures - the Cilamaya Selatan and Pabuaran have been identified as the most promising areas and two oil and gas discoveries and production tests were previously undertaken on these structures in respect of which results have indicated that hydrocarbon resources were present.

The first of the development wells, the CLS-1TW, is a Twin Well located about 25 meters away from the CLS-1 exploration well in Cilamaya Selatan, which was drilled previously. This development well will be drilled by the APS#1001 drilling rig to a depth of 2,150 metres and will target several objectives including the Parigi, Upper Cibulakan, Cibulakan, Z16 and Baturaja formations, where both hydrocarbon and contingent resources were identified from the recent Geological Geophysical Report (GGR) and Asset Valuation Study. Barring any unforeseen circumstances, the drilling and production flow tests at the aforesaid objectives will take approximately six weeks from the date of this announcement.

The group estimates that the drilling and testing results of the CLS-1TW should be available in 1Q2015. The company will announce the results of the drilling operations as soon as such results are available.

Editing by Johannes Simbolon