| May 5, 1998 THREE MORE SUCCESSFUL GAS WELLS DISCOVERED IN THE MUTURI BLOCK, INDONESIA. Genting Oil and Gas Limited, a wholly owned subsidiary of Genting Berhad, today announced three more successful gas wells in The Muturi Block, offshore Irian Jaya, Indonesia. These wells further prove the extension of the Vorwata Field into the Muturi Block, and will contribute to gas reserves available for the proposed PERTAMINA1 - operated "Tangguh2" liquefied natural gas project in Irian Jaya. The Muturi Block is held under a Production Sharing Contract with PERTAMINA1. BG Exploration and Production Limited, a subsidiary of British Gas plc ("BG") of the UK, is the operator and has a 50% interest in the 4,652 sq. km. Block. Genting Oil and Gas Limited through its subsidiary Cairns Limited, has a 45% interest and an Indonesian company PT Saptapetra Wisesa has 5% interest. The discoveries announced today are Vorwata-9, Vorwata-10 and Vorwata-11. Vorwata-93 was spudded4 on 4 December 1997, and drilled to a depth of 4,135 metres. The well is located approximately three kilometres inside the Muturi permit and five kilometres north-northeast of Vorwata-10. Log analysis, pressure measurements and recovered gas samples in the Middle Jurassic Roabiba Sandstone proved a substantial gas column in pressure continuity with other wells in the Vorwata Field. No indications of water were encountered. The well was abandoned and the rig released on 4 March 1998. Vorwata-103 is located five kilometres southeast of ARCO's5 Vorwata-2. The well was spudded on 20 December 1997, and drilled to a depth of 4,150 metres. Gas was again identified in a section of thick Middle Jurassic Roabiba Sandstone and confirmed by logs, pressure tests and samples. Communication with the remainder of the Field was also demonstrated. The well was abandoned and the rig released on 9 April 1998. Because of the unequivocal nature of the pressure data in both Vorwata-9 and Vorwata-10, when combined with the other test data taken from the Field, drill-stem tests6 were not carried out. Vorwata-11 is located five kilometres northeast of Vorwata-9 and seven kilometres inside the Muturi permit. The well spudded on 28 February 1998, and was drilled to a total depth of 4,156 metres. Vorwata-11 is the most easterly well drilled on the Vorwata Field and was drill-stem tested to confirm the reservoir productivity in this area. The well flowed gas at a rate of 35 million standard cubic feet per day. This is the second highest flow rate recorded for any of the wells drilled to date on the Vorwata Field. The well is still operating at total depth. One well is still drilling in the Muturi Block. Vorwata-8, which will be the last well drilled in the current campaign, was spudded on 29 March 1998. It is located six kilometres north of Vorwata-9 and five kilometres northwest of Vorwata-11. Further information about the success of the Muturi drilling programme will be announced in July 1998, when reserves available to the Tangguh project will be independently certified. NOTES TO EDITORS Events leading to the latest announcement: In February 1996, Genting Oil and Gas Limited through its subsidiary Cairns Limited, farmed into Muturi PSC by taking a 45% interest. This is the first major investment for Genting Oil and Gas Limited, and it represents a significant stake in a major gas accumulation and participation in a major new LNG scheme. In October 1996, the first well drilled, Mogoi-Deep 1 (drilled onshore in the northwest of the Muturi Block by BG), recorded cumulative gas flows of 40 million cubic feet of gas per day. In September 1997, BG and ARCO announced an agreement to collaborate in the supply of gas to the Tangguh project, using the reserves from the Muturi, Berau and Wiriagar Production Sharing Contracts. In October 1997, the Vorwata-4 well (drilled on the leaseline between Muturi and the ARCO-operated Berau Block), flowed gas at a tubing-limited rate of 36 million standard cubic feet per day from Jurassic sandstone formations. __________________________________________
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