Mirach announces oil-gas prospects at its Indonesian blocks

Singapore-listed oil and gas company Mirach Energy Limited said it has asked McDaniel & Associates Consultants Ltd to provide a competent person?s report (CPR) on the working interests held by the company in Indonesia and Cambodia. The report is done in relation to the proposed dual listing on the AIM Market of the London Stock Exchange.

These interests comprise its 48 percent working interest in Block D, offshore Cambodia in the Gulf of Thailand, and its 100 percent working interest in the Kampung Minyak (KM) oil field in South Sumatra, along with a 42 percent working interest in the Kamundan Block and a 50 percent working interest in the Wiriagar oil field, both in Papua.

A summary of the key findings in the CPR is stated below:

1. Contingent resources have been assigned to the Wiriagar and KM blocks, with best estimate (2C) gross resources for the two properties estimated at 3,396 million barrels of oil (MBO) and net resources based on Mirach?s share of cost oil and profit oil at 1,241 (MBO).

2. Mirach?s share of the best estimate (2C) case NPV (net present value) discounted at 10 percent of the contingent resources at Wiriagar and KM based on forecast prices and costs as of 30 September 2011 is US$9.1million.

3. Prospective resources of crude oil and condensate have been assigned to the KM oil field and Kamundan Blocks in Indonesia and Block D in offshore Cambodia. For all three blocks, prospective resources have been assigned to the prospects that have been identified by the company. The mean un-risked property gross resources assigned to the Kamundan Block are 28.8 MBO, to KM deep zones are 40.9 MBO and to Block D are 366.8 MBO.

4. Prospective resources of natural gas based on Mirach interests have been assigned to the Kamundan Block, KM deep zones and Block D. The mean un-risked property gross resources assigned to the Kamundan Block, KM deep zones and Block D are 4,287 billion cubic feet (BCF), 43.8 BCF and 152 BCF respectively.

5. The geological chance of discovery for the prospects evaluated in the Kamundan Block ranges from 18 percent to 32 percent, and in Block D ranges from 16 percent to 42 percent. The geological chance of discovery for the individual KM deep zones ranges from 20 percent to 72 percent, which, assuming all seven are independent, gives a statistically very high chance (approximately 99 percent) of at least one zone constituting a discovery.

6. The net present value (NPV) discounted at 10 percent of Mirach?s working interest share of the risked mean prospective resources based on forecast prices and costs as at 30 September 2011 is $84 million for the Kamundan Block, $117 million for KM deep zones and $241 million for Block D. (romel)

A.	Contingent Resources
Name of Assets		Best Estimate (2C)		NPV at 10% discount Company net share US$ million
		Property gross crude oil (Mbbl)	Company net share crude oil (Mbbl)
1.	Wiriagar	965	171	2.751
2.	Kampung Minyak (KM)	2,431	1,069	6.356
?	Total	3,396	1,241	9.107
?	?	?	?	?
B.	Prospective Resources
Name of Assets		Mean un-risked property gross crude oil (MMbbl)	Mean un-risked property gross natural gas (Bcf)	NPV at 10% discount Company net share US$ million
1.	Kamundan	28.8	4,287.0	84
2.	Kampung Minyak (KM)- Deep	40.9	43.1	117
3.	Block D	366.8	152.0	241
?	Total	436.5	4,482.0	443