Pan Pacific Petroleum NL ("PPP") reported that the Ca Rong Do (Red Emperor) exploration discovery well within Block 07/03 Production Sharing Contract, offshore Vietnam, has been plugged and abandoned, as planned, and the rig was released on July 3rd.
The well encountered oil and gas shows while drilling and the results of logging established approximately 90m net pay comprising both oil and gas within multiple stacked reservoir layers. Two of these reservoir zones were tested and flowed oil at a combined rate of 3,265.4 barrels of oil per day plus 8.1 million standard cubic feet of gas per day, through a 48/64" choke. No water was produced from either zone.
CCGVeritas has been contracted to acquire a 1000km2 3D survey over the eastern part of Block 07/03 for the purpose of defining the resource potential of the Ca Rong Do discovery and adjacent structures, and to determine future exploration and appraisal activity. The survey will be undertaken during July and August.
The discovery of oil and gas is very encouraging; evaluation of an appraisal of the Ca Rong Do discovery will follow the results of the 3D Seismic Survey. A second exploration well, which is a commitment under the terms of the PSC, is planned in Q4 2009.
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, which is subject to Vietnamese Government approval, the participating interests will be:
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