Partners reviewing option for CRD development off Vietnam

Prospects look bright for development of the CRD oil and gas/condensate discovery in block 07/03 off Vietnam, according to partner Pan Pacific Petroleum (PPP).

Offshore staff

HANOI, Vietnam – Prospects look bright for development of the CRD oil and gas/condensate discovery in block 07/03 off Vietnam, according to partner Pan Pacific Petroleum (PPP).

Following screening studies, the JV participants - led by operator Premier Oil - have approved a more detailed work program targeting a decision around end-March over commitment to a detailed FEED phase.

Planned work includes static and dynamic modeling, a review of development concepts/facilities, costing and economic analysis, and of whether further appraisal drilling is needed.

The partners have agreed to enter the Subsequent (Second) Exploration Period (SEP) of the PSC which runs for two years from December 1, and entails drilling of one exploration well.

Analysis of 3D seismic continues to evaluate remaining prospectivity on the block. So far several large undrilled prospects have been identified and others are being matured with the aim of establishing an exploration drilling program.

PPP is also a partner in the JPDA 06-103 concession offshore Timor-Leste. Operator Oilex is awaiting final processing of the Tutuala 3D seismic (225 sq km/87 mi) over the 100-MMbbl Tutuala and of 3D PSDM processing over Bazartete, which could be a target for the next well.

Preparations for the next well are under way. The JV has proposed for relinquishment an area comprising 25% of the PSC, which would fulfil a requirement for extension of the current term through January 2012.

10/31/2011

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