The company's wholly owned subsidiaries Petrogas (Island) and HP Salawati Island have a 33.21% working interest in the Island PSC, along with PetroChina International Kepala Burung (16.79%) and Pertamina Hulu Energi Salawati (50%).
The Island PSC is operated by the PetroChina-Pertamina consortium.
The Koi-2 well reached total vertical depth of 1428m, with oil shows observed from cutting samples taken while drilling Kais limestone.
Two conventional cores measuring a total of 15m were cut from the well, both of which also encountered oil shows.
Logging operations are being carried out, with production testing to follow if the log analysis confirms hydrocarbon zones.
