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PETRONAS-SHELL JOINT VENTURE MAKES FOURTH SUCCESSIVE DISCOVERY

Source: www.gulfoilandgas.com 4/16/2005, Location: Asia

CS Mutiara Petroleum Sdn Bhd, a 50:50 joint venture company between PETRONAS Carigali Sdn Bhd and Shell Exploration and Production Malaysia B.V., has made another gas discovery in Block PM301, off the northeast coast of Peninsular Malaysia.

Drilling operations on Bumi South-1 well commenced on 25 February 2005. The exploration well, located in a water depth of 55 metres was drilled to a total depth of 1650 metres and encountered multiple gas zones. Further technical evaluation is required to determine the reserves.

Bumi South-1 is the fourth discovery in Block PM301, following the recent exploration successes of Bunga Kamelia, Bunga Zetung and Bunga Anggerik. The latest discovery is located about 25 kilometres northwest of the Bunga Anggerik gas field discovered in November 2004.

CS Mutiara Petroleum is currently embarking on technical studies to assess the development options of this cluster of gas discoveries and also has plans to continue with exploration and appraisal activities in the same block.

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



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