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Fletcher Challenge Energy begins Brunei drilling

Fletcher Challenge Energy kicks-off Brunei drilling campaign

STOCK EXCHANGE LISTINGS: NEW ZEALAND (FEG), AUSTRALIA (FLCES), NEW YORK (FEG).

BRUNEI, Friday 14 April 2000 – Fletcher Challenge Energy will tomorrow start drilling the first exploration well in what is the biggest offshore exploration drilling programme in Brunei for a decade.

“The spudding of Bendahara Selatan A-1 (BSA-1) is an exciting day for Fletcher Challenge Energy. The Brunei drilling campaign has begun” said Greig Gailey, CEO of Fletcher Challenge Energy. “The analysis is complete, it’s time to drill. An exciting new phase of our history in Brunei is now underway.”

The first well, BSA-1, is located in Block CD and will explore various targets within the interval of 1360 metres to 3700 metres. The shallower horizons are thought to be potentially oil bearing while gas and condensate reserves are more likely within the deeper horizons.

While reserve estimates have a wide range, Fletcher Challenge Energy’s share of mean potential reserves is thought to be approximately 23 million barrels of oil equivalent, with other prospective un-drilled structures in the vicinity. Consistent with the wildcat nature of the well, Fletcher Challenge Energy has assessed the probability of commercial success for BSA-1 at approximately 20 per cent.

Drilling Bendahara Selatan A-1 is expected to take 33 days to reach total depth.

Fletcher Challenge Energy has a 26.95% share and is the operator, Unocal has a further 26.95% share with the remainder owned by Brunei partners.

ends

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