Release: SPC: SPC drills Dukuh-1 exploration well

Singapore Petroleum Company Limited ("SPC" or "the Company") together with its partners in the Sampang Production Sharing Contract ("Sampang PSC") have begun drilling the Dukuh-1 exploration well ("Dukuh-1") on April 5, 2006.

Dukuh-1 is located approximately 10 kilometres south of the Jeruk oil discovery and about 40 kilometers south east of the city of Surabaya.

Dukuh-1 will test Tertiary sandstone reservoirs within a seismically defined four-way dip closure and is anticipated to be drilled to a total depth of 3,200 meters subsea. The drilling of the well is expected to take approximately 44 days.

The drilling will not have any material impact on the earnings per share and the net tangible asset per share of the SPC group of companies for the current financial year. (end of release)