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Energy World Drills Walanga #2 Well in Sengkang PSC

Source: www.gulfoilandgas.com 9/19/2013, Location: Asia

Hong Kong-based Energy World Corporation Ltd. reported the commencement by its wholly owned subsidiary Energy Equity Epic (Sengkang) Pty Ltd (EEES) of the Wasambo Drilling Program within the Sengkang Production Sharing Contract, or PSC, (which consists of the Walanga, Sampi Sampi and Bonge gas fields) in South Sulawesi, Indonesia. The Wasambo Drilling Program was previously approved by SKKMigas' predecessor, BPMigas, the Indonesian gas regulator and supervising body of the upstream oil and gas activities under a plan of development in June 2011.

The Wasambo Drilling Program commenced at 13:30 (Jakarta time) Sept. 18 when the Walanga #2 Twinning Well was spud. The program involves drilling four gas production wells, being: Sampi Sampi #1 Twinning, Walanga #1 Twinning, Walanga #2 Twinning and Walanaga #3, and is expected to take three months and complete around mid-December 2013. Each of the wells will target the Tacipi formation at a total depth of 2,600 feet.

The gas from these wells will provide initial feedstock gas for our Sengkang Modular LNG (liquefied natural gas) Project. Also, information obtained from the Wasambo drilling program will be provided to our petroleum consultants who will utilize it to re-evaluate and provide a competent persons update on our gas reserves in Wasambo. Further announcements and updates will be provided as the drilling program progresses.

In addition to the Wasambo Drilling Program, the Company is currently awaiting the results of a seismic program completed earlier this year in other locations within the Sengkang PSC that will identify the next drilling prospects and is expected to further define additional gas reserves. The 2D seismic program was completed in April 2013 by PT. Kharisma Geophysical Bumiputra (a seismic contractor) assisted by PT. Bimayudha Utama Putera (the subcontractors for labor supply and seismic drilling equipment). A total of 140.74 miles (226.5 kilometers) of surface coverage was surveyed in the acquisition which consisted of 37 seismic lines that were laid on four separate sub-blocks: Tosora, Minyak Tanah, Walanga and Sallo Bullo. During the operation, 3,566 shot-holes were drilled with a cumulative depth of approximately 276,768 feet (84,359 meters). The data acquired 3,554 seismic profiles or 99.83 percent of the preliminary program (3,560 SP). Based on initial evaluation, we believe the most likely favorable drillable prospects are North Minyak Tanah and Torosa.

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