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Business Times (Malaysia): Shell shares rise on gas discovery news

Business Times (Malaysia): Shell shares rise on gas discovery news

“SHARES of Shell Refining Co (Federation of Malaya) Bhd rose briefly yesterday following reports that its joint venture with Petronas had made another gas discovery offshore Kelantan.”

Sep 09, 2004

SHARES of Shell Refining Co (Federation of Malaya) Bhd rose briefly yesterday following reports that its joint venture with Petronas had made another gas discovery offshore Kelantan.

Its shares climbed 15 sen to RM7.35 when Bursa Malaysia opened for trading. After some hectic moves, they closed unchanged at RM7.35, with 38,200 lots traded. CS Mutiara Petroleum Sdn Bhd, a 50:50 joint venture between Petronas Carigali Sdn Bhd and Shell Malaysia Exploration & Production, on Tuesday announced that it had made another gas discovery in Block PM301.

The Bunga Zetung-1 well, spudded on July 9 2004, was drilled to a total depth of 1,875m and encountered four gas zones.

The gas zones have an estimated recoverable reserve of 0.2 trillion standard cu ft, subject to further technical evaluation.

Bunga Zetung-1 is the second successive discovery in Block PM301 following the success of the Bunga Kamelia gas discovery in November last year.

CS Mutiara Petroleum was formed in July 2001 and operates Blocks PM301 and PM302.

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