SPT ENERGY (01251): CNG Successfully Completes Testing of Akeh-X Well in Indonesia's Jabung Tengah Block

Stock News
02/03

SPT ENERGY (01251) announced that, as of the date of this announcement, CNG has successfully completed the testing of the Akeh-X well within the Jabung Tengah Block in Indonesia. The results of the standard test are as follows: with a 24/64-inch choke, the natural gas flow rate was 3.965 million standard cubic feet per day, with 19.2 barrels per day of condensate; with a 32/64-inch choke, the natural gas flow rate was 6.255 million standard cubic feet per day, with 244 barrels per day of condensate; with a 40/64-inch choke, the natural gas flow rate was 9.256 million standard cubic feet per day, with 273 barrels per day of condensate; with a 48/64-inch choke, the natural gas flow rate was 12.305 million standard cubic feet per day, with 267 barrels per day of condensate, and a wellhead pressure of 1,630-1,337 pounds per square inch. The test data indicates that the well has a high-yield pure gas zone at a depth of 5,230 feet, with excellent reservoir properties, high levels of porosity and permeability, active oil and gas shows, and stable productivity, proving that the block possesses the conditions and resource potential to form a substantial oil and gas reservoir. The success of this exploration test signifies a further deepening of the Group's geological understanding of the block, greater control, the unlocking of potential from existing resources, and an enhancement of recoverable reserves. The Board of Directors believes that this test lays a solid foundation for subsequent exploration and development and holds positive significance for the Group's expansion of its oil and gas business in Indonesia.

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