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AFX Europe (Focus): Malaysia’s Petronas-Shell jv makes new gas discovery

AFX Europe (Focus): Malaysia’s Petronas-Shell jv makes new gas discovery

Sep 07, 2004

KUALA LUMPUR (AFX) – CS Mutiara Petroleum, a Petronas-Shell joint venture, has discovered gas in Block PM301, off the coast of Peninsular Malaysia, according to a statement issued by the company.

The Bunga Zetung-1 well, initially drilled on July 9, reached a depth of 1,876 meters and encountered four gas zones, with estimated recoverable reserves of 0.2 trln standard cubic feet, it added. The gas discovery will be subject to further technical evaluation.

Bunga Zetung-1 is the second successive discovery in Block PM301, following the success of the Bunga Karnelia gas discovery in Nov 2003.

The latest discovery is located 20 kilometers southeast of the Bunga Kamelia gas field.

CS Mutiara Petroleum has near-term plans to pursue drilling at a number of nearby exploration prospects in the block, as part of its exploration and appraisal campaign, prior to developing these gas fields.

CS Mutiara Petroleum was formed in July 2001 and operates Blocks PM301 and PM302, off the northeast coast of Peninsular Malaysia.

(1 usd = 3.8 rgt)

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