Pan Pacific Petroleum Updates on Drilling at CRD-3X Well in Block 07/03

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Pan Pacific Petroleum (Vietnam) Pty Ltd reported Wednesday that Operator of the Block 07/03 Production Sharing Contract has informed that the CRD-3X appraisal well - in the Nam Con Son Basin off Vietnam - being drilled by Ocean General (mid-water semisub) reached TD (total depth) at measured depth of 12,001 feet (3,658 meters) BRT (below rotary table) Oct. 9 having drilled through both the Miocene and Oligocene objective intervals.

Logging and sampling of the Miocene sandstone reservoirs have provisionally indicated that CRD-3X, which was drilled about 0.9 miles (1.5 kilometers) south-east of the discovery well CRD-1X and approximately 196.9 feet (60 meters) down dip, has intersected 93.8 feet (28.6 meters) of net oil and 40.4 feet (12.3 meters) of net gas pay, which compares with the discovery well Miocene results of 112.9 feet (34.4 meters) of net oil pay and 253.3 feet (77.2 meters) net gas pay. CRD-2X-ST (sidetrack) down dip of CRD-1X encountered 60 feet (18.3 meters) of net oil and 21.3 feet (6.5 meters) net gas pay and CRD-2X down dip of CRD 2X ST encountered 12.5 feet (3.8 meters) net oil and zero feet net gas pay.

Evaluation of the Oligocene sandstone reservoir sequence by wireline logging has confirmed the presence of reservoir sandstones, but no hydrocarbons were encountered. Oligocene net condensate/gas pay intersected in earlier wells was 236.2 feet (72 meters) in CRD-2X and 55.8 feet (17 meters) in the up dip CRD-1X. The results of CRD-3X have provided important information regarding clarification of the extent of the Oligocene gas resources in the field.

Preparations are now underway to conduct drill stem flow testing (DSTs) of the key Miocene reservoirs.

After completion of the Miocene DSTs it is now planned to sidetrack the well to test a structure within the CRD field to the south of CRD-3X to evaluate the potential for additional Miocene reservoirs with net pay.

The well and side track are designed to resolve resource uncertainties in the Ca Rong Do (CRD) oil and gas/condensate discovery and prove up sufficient recoverable volumes to justify a commercial development.

Partners in the block are:

  • Pan Pacific Petroleum (Vietnam) Pty Ltd: 5  percent (a wholly owned subsidiary of Pan Pacific Petroleum NL)
  • Premier Oil Vietnam South (Operator): 30 percent
  • Vamex: 25 percent
  • Mubadala Petroleum (through its affiliate PearlOil Ophiolite Ltd): 25 percent
  • PetroVietnam Exploration and Production Corporation Ltd: 15 percent

Premier Oil Vietnam South and Vamex were recently acquired by a wholly owned subsidiary of Talisman Energy Inc.

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