Drilling Update On Exploration Well In Cambodia

Friday, Jul 25, 2008

Singapore Petroleum Company Limited (“SPC” or “the Company”) announced today that the Vimean Morodok MahaNorkor-1 exploration well (“the Well”) in Cambodia Block B (“the Block”) was plugged and abandoned at 2,930 metres with non-recoverable oil shows. SPC share of the drilling costs amount to approximately US$3.0 million (about S$4.0 million). This follows the Company’s earlier announcement dated 8 July 2008 (SGX Announcement No. 00051).

Commenting on the drilling results, SPC Vice-President (Exploration & Production), Mr Brian Boslaugh said, “SPC and its partners will continue to work closely to undertake technical works for further evaluation of the Block’s prospects”.

The Well is situated in Block B, offshore Cambodia, east of the Khmer sub-basin, and in water depth of about 75 metres. The well location is approximately 160 kilometres southwest of Sihanoukville, and about 80 kilometres east of the Thai-Cambodian Overlapping Claims Area, in the Gulf of Thailand.

FINANCIAL IMPACT

The Company does not expect the above to have any material impact on the earnings per share and the net tangible asset per share of the SPC group of companies for the current financial year.

About SPC

SPC is a regional oil and gas company with interests in oil and gas exploration, development and production, refining, terminalling and distribution, marketing and trading of crude and refined petroleum products. It is an associated company of Keppel Oil & Gas Services Pte Ltd, a wholly-owned subsidiary of Keppel Corporation Limited.

About Block B

SPC through its wholly-owned subsidiary, SPC Cambodia Ltd (“SPC Cambodia”) holds a 33.333333% participating interest in Block B. SPC Cambodia was incorporated in the British Virgin Islands as a wholly-owned subsidiary of SPC Production Company Ltd which in turn is a wholly-owned subsidiary of SPC. SPC's partners in the Block are PTTEP International Limited and Resourceful Petroleum Limited.

Source: Keppel

Singapore Petroleum begins drilling well off Cambodia

Phnom Penh, Jul 12, 2008 (Asia Pulse Data Source) -- Singapore Petroleum Company Ltd (SPC) has begun oil and gas exploration activities offshore Cambodia, according to local media.

The well is the first in Block B, about 160 km southwest of Sihanoukville. Drilling to test the hydrocarbon potential is expected to take about 15 days since July 8, the company said in a statement.

In March, US energy giant Chevron announced oil in Block A offshore the Sihanoukville after conducting six exploration drillings. The Cambodian National Petroleum Agency estimated oil reserves in the well of up to 500 million barrels.

Cambodia's oil reserves are estimated up to 2 billion barrels and gas to 10,000 cubic metres, according to the World Bank, Harvard University and prestigious organistions.

SPC spuds first [oil] well on Cambodia Block B

7/8/2008
Filed from Aberdeen
Energy Current

CAMBODIA: Singapore Petroleum Co. Ltd. and its partners in Block B off Cambodia today spud the block's first exploration well, Vimean Morodok MahaNorkor-1.

The Block B exploration prospect lies east of the Khmer sub-basin in a water depth of about 75 metres (246 ft). The prospect lies about 80 kilometres (50 miles) east of the Thai-Cambodian Overlapping Claims Area in the Gulf of Thailand.

The exploration well will be drilled to test the hydrocarbon potential in the Oligocene fluvio-lacustrine sediment as the primary target and the Miocene fluvial-deltaic sediment reservoirs as the secondary objective. The well is anticipated to reach a true vertical depth of 2,917 meters (9,570 ft). Drilling is expected to take approximately 15 days to complete.