Kulczyk Oil Ventures Inc. say that the ETP-03 drilling rig is currently being rigged up at the Lukut Updip-1 (LKU-1) well-site in preparation for the commencement of the Brunei Block L Phase 2 drilling campaign. The spud date of LKU-1 is now anticipated to be mid-May 2013. Block L is operated by AED Southeast Asia Limited ("AED SEA"), an indirect wholly-owned subsidiary of KOV.

LKU-1 well is the first exploration well to be drilled during the Brunei Block L Phase 2 drilling campaign. The well will test the potential of a "triple junction" structure that has formed where the Belait and Jerudong Anticlines intersect the Simbatang Fault. The primary targets, at a true vertical depth of approximately 2,000 metres, are base slope sand deposits of Middle Miocene age with an anticipated aggregate thickness of up to 250 metres. Overpressure is expected and the Company will use managed pressure drilling techniques for the drilling of LKU-1.

Tags: Kulczyk Oil Ventures