RH Petrogas completes testing of Klagalo-1 well
Wednesday, January 29 2014 - 05:10 PM WIB
SGX-listed RH Petrogas Limited announced on Wednesday that its wholly-owned subsidiaries Petrogas (Basin) Ltd. (PBL) and RHP Salawati Basin B.V.(RHPSB) have completed the drilling and testing of Klagalo-1 exploration well in the Basin PSC, located in West Papua.
The well tested and recovered fluid with up to 7% oil from three intervals within the Kais Limestone reservoir. Post well evaluation conducted among PSC partners concluded the oil discovery in Klagalo-1 to be non-commercial
Francis Chang, Chief Executive Officer, commented, ?Although Klagalo-1 turned out to be a non-commercial discovery, the knowledge gained from the well will provide valuable information as the Company and its PSC partners continue to evaluate other exploration opportunities in the nearby area.
?For 2014, besides exploration, one of the main areas the Company will focus on and work closely with its PSC partners is to prepare a Plan of Development (POD) for each of the North Klalin and Southeast Walio field discoveries within the Basin block, and once finalised, the POD will be submitted to the relevant authorities for approval. Approval of the POD for the two fields would contribute significantly to the Company?s proven reserves and will add-on production quickly. Currently, some of the exploration and appraisal wells drilled in these fields have either been put on production (POP) or will soon be POP while the POD process is on-going.?
RH Petrogas Limited has an aggregate 60% working interest in the Basin PSC through its wholly owned subsidiaries Petrogas (Basin) Ltd. and RHP Salawati Basin B.V.. Meanwhile its partners, PetroChina International (Bermuda) Ltd., holds a 30% participating interest in the Basin PSC and PT Pertamina Hulu Energi Salawati holds the balance 10%.
Editing by Johannes Simbolon