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Kulczyk Oil Ventures Inc. (Kulczyk Oil or KOV) advises that the Markisa-1 exploration well in Block M, onshore Brunei Darussalam has reached a final total depth (TD) of 1,300 metres measured depth from rotary table (MDRT). The well encountered good oil shows through the Ridan sands from 1,070 metres to 1,100 metres (true vertical thickness of 29 metres). The preliminary interpretation of wireline logs and drilling information indicates the possible presence of a 29 metre oil column although it was not possible to recover any fluid samples over this interval. Wireline sampling and sidewall coring is ongoing and is expected to be completed on the Markisa-1 well shortly.



Jock Graham, Executive Vice President of Kulczyk Oil commented that the oil shows and the possible oil column in the Ridan sand are an encouraging outcome. Further evaluation of the zone will be required to determine reservoir quality and potential volumes of oil-in-place and to establish whether the reservoir is productive.



The partners in Brunei Block M and in the Markisa-1 well are KOV Borneo Limited (36%), Tap Energy (Borneo) Pty Ltd (39%), China Sino Oil Co. Ltd. (21%) and Jana Corporation Sdn Bhd (4%). KOV Borneo Limited is an indirect wholly-owned subsidiary of Kulczyk Oil. The Markisa-1 exploratory well is the second of a minimum of three wells to be drilled on Block M by Kulczyk Oil and its joint venture partners during the Phase 1 exploration period ending in August 2011.


Kulczyk Oil also owns an interest in Block L, the other onshore exploration block in Brunei, through Kulczyk Oil Brunei Limited, an indirect wholly-owned subsidiary of Kulczyk Oil, which has a 40% interest in Block L and in each of the Lukut-1 and Lempuyang-1 wells. The first well, Lukut-1, was drilled on Brunei Block L and suspended in mid-June pending testing by a service rig. A second Block L well, Lempuyang-1, commenced drilling operations on July 15 and a 4.5 liner was set to the final MDRT of 3,220 metres in preparation for the possible testing of the well.