3D survey to further define Red Emperor discovery

Pan Pacific Petroleum (PPP) has contracted CCGVeritas to acquire a 1,000-sq-km (386-sq-mi) 3D survey over the eastern part of block 07/03 offshore Vietnam.

Offshore staff

SYDNEY, Australia -- Pan Pacific Petroleum (PPP) has contracted CCGVeritas to acquire a 1,000-sq-km (386-sq-mi) 3D survey over the eastern part of block 07/03 offshore Vietnam. The survey hopes to define the resource potential of the Red Emperor discovery and adjacent structures, and to determine future exploration and appraisal activity. The survey will be undertaken during July and August.

The Red Emperor well encountered oil and gas shows while drilling and the results of logging established approximately 90 m (295 ft) net pay comprising both oil and gas within multiple stacked reservoir layers, the company says. Two of these reservoir zones were tested and flowed oil at a combined rate of 3,265.4 b/d of oil and 8.1 MMcf/d. No water was produced from either zone.

Evaluation of an appraisal of the discovery will follow the results of the 3D seismic survey, the company says. A second exploration well, which is a commitment under the terms of the PSC, is planned for the fourth quarter.

07/15/2009

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