Singapore, 9 January 2014 – KrisEnergy Ltd. (“KrisEnergy” or “the Company”), an independent upstream oil and gas company, announces the completion of the drilling and testing of the Cua Lo-1 exploration well in Block 105-110/04 (“Block 105”). The Cua Lo-1 well was drilled to a measured depth of 2,867 metres, or 2,837 metres total vertical depth subsea. Based on log interpretation, several gas bearing sandstone reservoirs were identified. A drill stem test was conducted on a reservoir evaluated with the largest potential within the prospect. Although gas flowed during the test, the poor reservoir deliverability rate combined with high carbon dioxide content suggests that development of the tested reservoir will be unlikely. The well will be plugged and abandoned. The Cua Lo-1 well confirms both the trapping mechanism and the existence of a petroleum system in Block 105 and provides valuable data for deciding the future exploration strategy in the block. Additional oil and gas prospectivity exists within the block, providing opportunities for further exploration.
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