Pitkin joins search off Vietnam

Offshore staff

LONDON --London-based Pitkin Petroleum is stepping up its exploration program offshore Vietnam and The Philippines.

Operator Premier Oil started drilling the Ca Rong Do prospect in Vietnamese block 07/03 earlier this month – Pitkin is a participant via its wholly-owned subsidiary Vietnam American Exploration Co.

The semisubmersibleHakuryu V is drilling the well in 319 m (1,046 ft), and a second well is planned this fall. Block 07/03 is in between the producing Nam Con Son fairway to the north and Indonesia's East Natuna Sea discoveries to the south.

Offshore The Philippines, Pitkin has formally signed the shallow water Cuyo block as Philippines Service Contract No. 71.

Although the acreage is undrilled, studies suggest the presence of a potentially thick sedimentary sequence, with numerous large structural leads.

Pitkin (85%) and its partner South China Resources (15%) plan to re-process existing 2D seismic later this year.

05/19/2009