KRISENERGY LTD. MISCELLANEOUS :: VIETNAM CUA LO-1 EXPLORATION WELL COMPLETES TESTING Jan 9 2014 05:48:41 PM

The Cua Lo-1 well was drilled to a measured depth of 2,867 metres, or 2,837 metres total vertical depth subsea. Based on log interpretation, several gas bearing sandstone reservoirs were identified. A drill stem test was conducted on a reservoir evaluated with the largest potential within the prospect. Although gas flowed during the test, the poor reservoir deliverability rate combined with high carbon dioxide content suggests that development of the tested reservoir will be unlikely. The well will be plugged and abandoned.

The Cua Lo-1 well confirms both the trapping mechanism and the existence of a petroleum system in Block 105 and provides valuable data for deciding the future exploration strategy in the block. Additional oil and gas prospectivity exists within the block, providing opportunities for further exploration.

Krisenergy Ltd, an oil and gas company, deepened its losses to US$8.2 million for the second quarter ended June 30, 2013, compared to a net loss of US$1.9 million a year ago. Revenue for the quarter also fell 25.3 per cent to US$16.7 million. Half-year net loss for the period stood at US$8.8 million, worsening from the loss of US$451,300 a year ago. Revenue decreased by 21.6% to US$36.8 million in the six months ended 30 June due to a US$4.9 million decrease in condensate and gas revenue from the Kambuna gas-condensate field as it approached the end of its economic life. (BT)