The Board of Directors is pleased to announce that the Company has commenced drilling of the Kusuma-1 and Kusuma-2 back-to-back exploration wells. Spud in of the Kusuma-1 exploration well has occurred on 24 December 2015 at approximately 00:00 hours.
The Kusuma-1 well will have a true vertical depth of 3280 feet. The primary formations being targeted by the Kusuma-1 well are, the Air Benakat Formation and the Lower Talang Akar Formation, with secondary targets in the Gumai Formation and potentially Basement.
The Company expects drilling operations for the Kusuma-1 well to take approximately 15 days, with a possible 15 additional days for testing and analysis.
Upon completion of the Kusuma-1 exploration well, the rig will immediately mobilize to the location for the Kusuma-2 exploration well. The Company will make such further announcements to inform shareholders of any updates or developments at the West Jambi block.
Oil and gas exploration is an expensive, high-risk operation. Shareholders are therefore asked to exercise caution when dealing in shares of the Company, and should consult their legal, financial tax and other professional advisers if they have any doubt as to the action to
take.
