Jubilant Energy N.V. Drilling Update (9895F)

TIDMJUB

RNS Number : 9895F

Jubilant Energy N.V.

31 May 2013

Jubilant Energy NV

("Jubilant" or "the Company")

Drilling Update and Submission of Notice of Discovery in Lower Bhuban Formation in North Atharamura-1 Well, Tripura Block

Jubilant is pleased to announce that subsequent to the successful conventional testing in the Lower Bhuban formation in the North Atharamura-1 well in Tripura Block AA-ONN-2002/1, a Notice of Discovery has been submitted to the Management Committee of the Block and Government of India, as required by the Production Sharing Contract.

North Atharamura-1 is the second exploratory well of the two well Phase-II minimum work programme for the Block. The well was spud on 12 Feb 2013 and reached a Measured Depth ("MD") of 3,400 metres on 17 May 2013.

Based on the available information from drilling, mud logs and wire-line open-hole and cased-hole data, two Objects were selected for conventional testing to establish the presence of producible Non-Associated Natural Gas. The gross Lower Bhuban sand in the 2,175-2,195 metres interval ("Object-I") appeared promising on the logging-while-drilling logs and the presence of hydrocarbons was further validated by cased-hole porosity and sonic logs. The testing operation for Object-I commenced on 22 May 2013 and the same was perforated on 25 May 2013. Cement Bond logs and variable density logs showed poor to moderate cementation against this sand interval with a possible water leg below 2,195 metres MD. Object-II in the 610-625 metres MD Middle Bhuban sand interval is yet to be tested.

Object-I flowed gas with some water, which, in all likelihood, is from the water leg due to poor cementation. The gas rate was measured as 3,240-3,777 standard cubic feet per day and water rate as 445-918 barrels per day at 32/64" choke size. The multi bean study for flow rate has not been conducted yet.

Jubilant holds a 20% participating interest in this block through its subsidiary Jubilant Oil & Gas Private Limited, India which is also the Operator for the block. GAIL India Limited holds the remaining 80% participating interest.

 
 Enquiries: 
 
  Jubilant Energy      Vipul Agarwal                   +91 120 4025700 
 
   Panmure Gordon      Callum Stewart, Adam James      +44 20 78862500 
 
                     David Simonson, Alexandra 
 College Hill         Roper                          +44 20 7457 2020

Competent Person's - Consent for Release

Mr Ramesh Bhatia - Chief Operating Officer, holds a Master's of Science degree in Applied Petroleum Geology and has over 20 years of experience in the Oil and Gas Exploration, Development and Production industry. He has reviewed and approved the technical information contained in this announcement pursuant to the AIM guidance note for mining and oil and gas companies.

This information is provided by RNS

The company news service from the London Stock Exchange

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