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Gas Discovery at Lukah-1X Exploration Well

Source: www.gulfoilandgas.com 6/9/2006, Location: Asia

SPC is pleased to provide an update on the drilling of Lukah-1X exploration well ("Lukah-1X") in the Kakap Production Sharing Contract ("Kakap PSC"). Lukah-1X successfully tested natural gas and condensate over two sand intervals of 20 and 25 metres. The two intervals flowed at a combined rate of approximately 19.7 million standard cubic feet per day of natural gas and 2.8 barrels of condensate per day through a 64/64" choke at wellhead pressure of 862 psi for a period of approximately five hours.

Financial Impact
The drilling will not have any material impact on the earnings per share and the net tangible asset per share of the SPC group of companies for the current financial year.

Background
SPC is a regional oil and gas company with interest in oil and gas exploration and production, refining, terminalling and distribution, marketing and trading of crude and refined petroleum products. It is an associated company of Keppel Oil & Gas Services Pte Ltd, a wholly-owned subsidiary of Keppel Corporation Limited.

SPC holds a 15% interest in the Kakap PSC through its wholly-owned subsidiary, SPC Kakap Ltd, which in turn is a wholly-owned subsidiary of SPC Production Company Ltd.

The Kakap PSC, which covers 2,000 square kilometres, is located in the West Natuna Sea of Indonesia and is 1,247 kilometres northwest of Jakarta, Indonesia. The Kakap PSC consists of two blocks, namely North Kakap and South Kakap. There are currently seven producing oil and gas fields in South Kakap.

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