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CITIC Resources announces a significant oil discovery in Oseil Oilfield, Indonesia

Source: www.gulfoilandgas.com 5/22/2008, Location: Asia

CITIC Resources Holdings Limited announced the discovery of the Lower Nief and Manusela carbonate oil reservoirs at the Nief Utara A-1 drilling well located at Seram Island in Indonesia. Lower Nief oil reservoir is the first discovery in the region. The Original Oil in Place (OOIP) of the Nief Utara A-1 drilling well is over 60 million barrels. Thus, the current total Original Oil in Place exceeds 123.6 million barrels.

The Nief Utara A-1 well’s drilling prospect (Nief Utara A prospect) covers an area of approximately 4 square kilometer; Original Oil in Place is over 60 million barrels and the 3P recoverable reserves exceed 18 million barrels (Recoverable reserves of P1+P2 are approximately 6 million barrels). With more drilling activities going on, it is expected to see an increase in P1+P2 recoverable reserves. According to Schlumberger, an internationally renowned logging company, Lower Nief is an oil reservoir mainly composed of substrates with an average porosity of 5% and the effective thickness of the oil reservoir is close to 400 ft; as for Manusela, which has substrate and cleft stores oil, has an average porosity of 7% and the effective thickness of the oil reservoir is above 200 ft. Manusela made the initial test production in early May, under the 250 Psi draw down pressure, it produced about 700 barrels per day (excluding water).

Nief Utara A prospect is the first prospect being explored in the Seram Island Non-Bula Block with 5 other prospects remain unexplored. The Group plans to drill two more drilling wells and 2 exploration wells this year. The second Nief Utara A-2 well has been drilled on 19 May. The group will also conduct new 2D seismic data collection project, which is believed to provide more exploration targets.

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