oil discovery: 42mmbo and drilling again, page-7

Lion Energy's partner is a lot more enthusiastic about the discovery see part of their press statement below

ANNOUNCES A SIGNIFICANT OIL DISCOVERY IN OSEIL OILFIELD IN
INDONESIA’S SERAM ISLAND NON-BULA BLOCK
(Hong Kong, 22 May 2008) – CITIC Resources Holdings Limited (“CITIC Resources” or the
“Company”) (Stock Code: 1205) is pleased to announce the discovery of the Lower Nief and
Manusela carbonate oil reservoirs at the Nief Utara A-1 drilling well located at Seram Island in
Indonesia. Lower Nief oil reservoir is the first discovery in the region. The Original Oil in Place
(OOIP) of the Nief Utara A-1 drilling well is over 60 million barrels. Thus, the current total Original
Oil in Place exceeds 123.6 million barrels.
The Nief Utara A-1 well’s drilling prospect (Nief Utara A prospect) covers an area of approximately
4 square kilometer; Original Oil in Place is over 60 million barrels and the 3P recoverable reserves
exceed 18 million barrels (Recoverable reserves of P1+P2 are approximately 6 million barrels). With
more drilling activities going on, it is expected to see an increase in P1+P2 recoverable reserves.

Mr. Sun Xinguo, the Chief Executive Officer of the Group, said, “The new discovery of the Nief
Utara A-1 well is very encouraging. With the Group’s own exploration techniques, the successful
rate of further exploration has been raised substantially. The oil reserves in Seram Island Non-Bula
Block will be increased significantly. The discovery of the new oil sheet Lower Nief has built a
sound foundation for further oil production. We believe that the whole Seram Island Non-Bula
Block has a very strong exploration upside.”
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