Mubadala Energy Affirms Second Gas Find off North Sumatra Coast

Mubadala Energy, the global energy firm headquartered in Abu Dhabi and the operator of the South Andaman Gross Split PSC, revealed today another significant gas find from the Tangkulo-1 Exploration well, situated in South Andaman, approximately 65 kilometers offshore North Sumatra, Indonesia.

This marks the company's second deepwater well discovery. Tangkulo-1 was drilled to a depth of 3,400 meters in water depths of 1,200 meters, shortly following the significant find at the Layaran-1 well, also located in South Andaman.

In the Tangkulo-1 well, an 80-meter gas column was discovered within a high-quality Oligocene sandstone reservoir. This discovery was confirmed through an extensive data collection process, which included obtaining a full core of 72 meters, wireline logging, sidewall core analysis, and pressure and fluid sampling. Employing a new Drill Stem Test (DST) design, the well successfully produced 47 million standard cubic feet per day (mmscf/d) of gas of excellent quality and 1,300 barrels of condensate. Although testing was limited by available facilities, the estimated production capacity of the well is between 80 and 100 mmscf/d of gas and over 2,000 barrels of condensate.

Mansoor Mohammed Al Hamed, CEO of Mubadala Energy, remarked: "Coupled with our recent achievement at Layaran-1, this groundbreaking discovery has the potential to revolutionize the energy landscape of Indonesia and Southeast Asia. It underscores the significance of South Andaman as one of the most promising energy prospects globally."

Through collaboration with partners and leveraging our exceptional technical expertise, I am confident that we can unlock the entire potential of this block, aligning with our dedication to uphold the government's ambitious development schedules. This announcement further reinforces our capacity to actively contribute to the energy transition with our gas-focused strategy.

Having an 80% working interest in South Andaman, Mubadala Energy holds the most extensive net acreage in the region. Consistent with the company's gas-focused strategy, Tangkulo-1 represents a significant component in the cluster's developmental narrative, as the discovery unveils additional potential in the southern section of the block, indicating the presence of additional multi-trillion cubic feet (TCF) of prospective gas resources in adjacent structures.

In conjunction with Layaran-1, this discovery contributes substantial contingent volume and establishes a foundation for Mubadala Energy's ongoing organic expansion in the region through further exploration and appraisal endeavors.

Mubadala Energy operates as a wholly-owned subsidiary of Mubadala Investment Company (Mubadala), which is under the ownership of the Government of Abu Dhabi. Mubadala functions as a sovereign investor overseeing a diverse global portfolio, with its primary objective being to deliver sustainable financial returns to its shareholder, the Government of Abu Dhabi.