Continental-GeoPetro to conduct Bengara-II block seismic acquisition

Continental-GeoPetro (Bengara-II) (CGB2) has awarded a contract to a local seismic acquisition contractor to conduct a seismic acquisition program in the Bengara-II block located on the island of Borneo in East Kalimantan, Indonesia.

Offshore staff

JAKARTA, Indonesia -- Continental-GeoPetro (Bengara-II) (CGB2) has awarded a contract to a local seismic acquisition contractor to conduct a seismic acquisition program in the Bengara-II block located on the island of Borneo in East Kalimantan, Indonesia.

CGB2 intends to acquire a total of 120 sq km (46 sq mi) of 3D seismic and 844 line km (524 mi) of 2D seismic. The primary objective of the 3D seismic program is to further define and delineate the Seberaba oil discovery and the Makapan gas/condensate discovery. CGB2 is evaluating a joint development of Makapan gas with Seberaba oil to achieve economies of scale and provide a gas source for fuel, pressure maintenance, and artificial lift of oil.

A large part of the 2D seismic program is also intended to provide additional definition of other exploration prospects in the Bengara-II block to firm up new exploration drilling targets for the company’s 2010 drilling program. These prospects include the Galiadap structure underneath the "oil lake" seep in the southern region of the block.

A large part of the seismic acquisition program will be conducted in the transition zone between a shallow offshore and onshore setting. The eastern portion of the block is located mostly onshore but partially offshore in the shallow waters of the Sulawesi Sea and the Bulungan River delta.

CGB2 hopes to complete the entire acquisition program by 1Q 2010 and begin appraisal and additional exploratory drilling later the same year.

06/03/2009

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