Release: Well report - Sebaya #2 Madura island

Monday, February 14 2005 - 03:58 PM WIB

February 14, 2005 ? CityView Corporation Limited (CityView) has received the following information from the Operating Shareholder, PT Medco Energi Internasional TBK (Medco):

OPERATOR: Medco Madura ? Pertamina JOB
WELL: Sebaya #2
RIG: P.T Apexindo
SPUD: 11.30hrs ? 29 November 2004

Formation Objective: Primary
Tuban Formation (Early Miocene, alternating shale and sandstone, intercalations of limestone) Reference drill stem tests 1 & 2 in Sebaya 1. Zones depths: 4300 - 5850 feet.

Formation Objective: Secondary
Tawun Formation (Middle Miocene, predominantly claystone / siltstone, intercalations of sandstone, and limestone streaks) Reference drill stem tests 3 & 4 in Sebaya 1, Zone depths 2200 to 4000 feet.

Present Activity Summary:
? Drilling has been completed at a total depth of 6,500 feet.
? Conditioned hole and ran Super Combo logs. Ran MDT log for samples and pressure at DST 1 zone. Formation was found to be tight. Ran CST and conditioned hole for liner.
? Run and set 7-inch liner for 3,800 to 6,150 feet in preparation for DST 1 across sand section.
? Obtained approval from relevant authorities to carry out 2 DSTs.
? The rig has prepared for testing DST 1 and is currently running the test string. It is anticipated that the well will be perforated and the test scheduled for February 13.

Next Operation:
? Perforate interval and commence testing across sand section at DST 1. Planning to do a frac with proppants if the well fails to flow adequately. (end of release)

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