Polyard Petroleum (stock code: 8011) provides the following information on the Mawar-1 and Markisa-1 exploration wells in Block M, onshore Brunei Darussalam.

Location
Block M covers an area of approximately 3,011 km2 (see attached map) in the Baram Delta Basin and is the largest onshore permit in Brunei. The Block contains the Belait oil and gas field, but is under-explored having not seen a concerted exploration effort during the past 20 years.

Progress
Markisa-1 has drilled and set surface casing at 200m MD and is currently drilling 12 ¼” hole according to plan at a depth of 348 meters. Markisa 1 will penetrate the first of the well objectives in this section within the next 5-6 days. The well is planned to take an additional 15 days to reach its total program well depth.

Block M operator Tap Chief Executive Officer, Peter Stickland, said Markisa - 1 is an exciting well that will hopefully further asses the hydrocarbon potential of Block M in this portion of the Baram Delta area.

Updated：2010-10-01