LONDON -- The jackup Aquamarine Driller has begun the Salamander Energy-operated Cat Ba–1X (101-CB-1X) exploration well offshore northern Vietnam, in block 101-100/04.
The well is being drilled in 49 m (161 ft) of water to a target depth of around 1,900 m (6,233 ft). Its main objective is a Palaeozoic carbonate, (buried hill) structure, with secondary targets in the overlying Tertiary clastic section.
Salamander’s mean gross pre-drill estimate of prospective recoverable resources was roughly 100 MMbbl. Drilling should take around 25 days to complete on a dry hole basis.
The company has a 30% operated interest in the block, subject to Vietnamese government approval of the farm-out of a 20% interest to JX-Nippon Oil & Gas Exploration, announced in May.
James Menzies, CEO of Salamander, said: “The Cat Ba prospect is an analogue to the neighboring Ham Rong Oil field that was declared commercial in 2010, both located in the Hai Phong sub-basin.
“We have reduced our financial exposure to the 101-CB-1X well through farm down, but remain highly leveraged to the upside in the event of success.”
Cat Ba exploration drilling under way offshore North Vietnam
The jackup Aquamarine Driller has begun the Salamander Energy-operated Cat Ba–1X (101-CB-1X) exploration well offshore northern Vietnam, in block 101-100/04.