Pan Pacific Petroleum NL ("PPP") reported that the Ca Rong Do (Red Emperor) exploration well within Block 07/03 Production Sharing Contract, offshore Vietnam, has been drilled to TD at a measured depth of 3,810m BRT having intersected the target intervals. The well was spudded on May 6, 2009 using the semisubmersible drilling unit Hakuryu-5.
The well encountered oil and gas shows while drilling and the results of logging with the Modular Dynamic Tester (MDT) and other wireline tools have established approximately 90m net pay comprising both oil and gas within multiple stacked reservoir layers. Operations are now under way to carry out a Drill Stem Test to evaluate the flow potential of the two most prospective oil reservoir intervals. Further work will be required to determine whether the oil and gas discovered are of potential commercial significance, and a further statement will be made when evaluation has been completed.
Block 07/03 covers 4,915 km2 in the prospective Nam Con Son Basin, and is adjacent to block12W which contains the Chim Sao and Dua Oil Fields.
Partners in the block are Premier Oil Vietnam South B.V. ("Premier"), Vietnam American Exploration Company, LLC. ("Vamex", a wholly-owned subsidiary of Pitkin Petroleum Plc), and PearlOil (Ophiolite) Ltd ("Pearl"). Upon completion of Pan Pacific Petroleum (Vietnam) Pty Ltd's ("PPPV") farm-in obligations, the participating interests will be:
The farm-in agreement is subject to Vietnamese Government approval.
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