New President and GM for Kangean Energy Indonesia, Ltd

This note is for personal used only. It can’t be used as reference for the company’s statement externally.

Almost 2 years after Mitsubishi and JAPEX acquiring for 50% Production Sharing Contractor’s (PSC) shares for Kangean Block in Indonesia, Kangean Energy Indonesia Ltd (KEI) has committed for continuing the upstream Oil & Gas business in Indonesia.

Significant progress in terms of technical project achievement has been shown in positive way.
Not limited to drilling campaign for Sepanjang Island Marginal Project for Sepanjang Development (SED) 3 and 4 and Pagerungan Utara Offshore (PUO) 1, 2 and 3 but also Marine 3D Seismic West Kangean at Arjasa are also done along the year of 2008.

Shareholders might have different views in this achievement, though Government pushes PSCs for 1.5 Mio Barrels per day production. Technically it’s hard for KEI to catch up the target for production, but KEI has shown great commitment for its marginal project for starting up the optimistic production. Oil price in slump area stumbled KEI to boost its production for PUO.

Until the period of the critical moment for KEI to produce its oil in marginal field, KEI’s shareholders decided to promote its new President & GM from Mr. Keisuke Inoue to Mr. Junichi Matsumoto.

So long Pak Inoue and Welcome aboard Pak Matsumoto, we really expect the 3 C (Challenge, Change and Commitment) will come true quite soon.