Ocean General Spuds CD-1X Exploration Well in Block 07/03 off Vietnam

Pan Pacific Petroleum NL reported Thursday that its wholly owned subsidiary Pan Pacific Petroleum (Vietnam) Pty Ltd has been advised by the Operator of Block 07/03 Production Sharing Contract in the Nam Con Song Basin off Vietnam that the Ocean General (mid-water semisub) has spud the 07/03-CD-1X exploration well Jan. 28. The well is being drilled in a water depth of about 426 feet (130 meters), with a planned total measured depth of approximately 12,522 feet (3,817 meters) below rotary table (BRT). As at 0600 hours Jan. 29 the well was at 744 feet (227 meters) BRT.

The 07/03-CD-1X well will evaluate the hydrocarbon potential of the Silver Sillago prospect, a tilted fault trap targeting Miocene clastic reservoirs similar to those encountered in the successful Ca Rong Do (CRD) structure located about 34 miles (55 kilometers) to the east in Block 07/03. The well will be plugged and abandoned after the evaluation has been completed.

Partners in the block are:

  • Pan Pacific Petroleum (Vietnam) Pty Ltd (a wholly owned subsidiary of Pan Pacific Petroleum NL): 5 percent
  • 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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