KRZ Lola Kecil not looking good.

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    Starting to look like the well is a dud.


    Company Announcement


    Update of Lola Kecil Exploration Well

    KALREZ ENERGY LIMITED 2002-06-12 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Attached is the daily formatted report on the progress of the Lola
    Kecil Exploration Well.

    Kufpec are currently running a local VSP survey to be followed by an
    offset VSP survey, the results of which may help to ascertain the
    depth of the Manusela Carbonate below current depth.

    If the survey allows the Manusela Carbonate to be reasonably
    identified, it is expected to drill ahead to that target. If unable
    to be identified, a decision will probably be made to plug and
    abandon the well.

    Results and interpretations of the VSP survey should be available on
    Friday 14th June 2002.


    LOLA KECIL 1 ST#2 WELL
    ONSHORE SERAM ISLAND, INDONESIA

    Kalrez Energy Limited advises that at 6:00 hours (Indonesian Eastern
    Time) on the 12th June 2002 the Lola Kecil 1 ST#2 well was at a depth
    of 5,700 ft RT and currently running VSP survey to be followed by an
    offset VSP survey.

    LOLA KECIL-1 DETAILS:
    Spud Date (Commenced Drilling): Friday 5th April 2002 - 68 days
    since spud

    Report Depth: 5,700 ft RT
    13-3/8" casing set at 1,428 ft
    9-5/8" casing set at 2,846 ft
    7" liner set at 4,214 FT

    24 Hour Progress: 65 ft

    Predicted Depth to Top of Target: Geological prognosis under
    review by Operator, Kufpec
    (Indonesia) Ltd

    Location of Well: * Latitude (WGS 84) 3 deg 8'
    23.90" S (Prov)
    * Longitude (WGS 84) 130 deg 29'
    31.46" E (Prov)

    Proposed Total Depth: Being reviewed in accordance
    with above.

    Primary Objectives: The Manusela Carbonate in an
    anticlinal up dip from the Oseil
    structure.

    Proposed Operations - Next 24 Hours: Complete VSP surveys.

    Hydrocarbon Indications: No shows in past 24 hours.

    Estimated reserves of oil in place: 110 mmbo

    Participants in the Lola Kecil Well in the Seram Joint Venture are:

    * Kufpec (Indonesia) Limited (Operator) 97.5%
    * Kalrez Energy Limited 2.5%

    BHA - Bottom hole assembly BOP - Blow out preventer
    ppg - lbs per gallon RT - depth with respect to the
    ST - Side track drilling rotary table.


    B R McCullagh
    COMPANY SECRETARY


 
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