Murphy Studies Options for 2 Wells Off Sarawak, Farms-in to Vietnam Block

Murphy Oil Corp. revealed that it has successfully drilled two exploration wells offshore Sarawak, Malaysia, with the firm now evaluating development options for these finds, the company said when releasing its quarterly results Wednesday.

"The company successfully drilled both the Merapuh 5 and Marakas wells with positive results and is continuing to evaluate development options," Murphy said in a press release.

The firm however failed to encounter commercial quantities of hydrocarbons at the Paus-Kelasa well, which was expensed as a dry hole during the quarter.

Elsewhere in Southeast Asia, Murphy has reached an agreement with PetroVietnam Exploration Production Corporation (PVEP) and SK Innovation Co. Ltd. (SK) to farm-in to the 15-1/05 Production Sharing Contract (PSC), in the highly prospective, oil prone, Cuu Long Basin, Offshore Vietnam. Murphy will hold a 35 percent working interest in the PSC.

Murphy reported that oil discoveries previously made in the PSC are currently under appraisal and operator PVEP recently completed the successful drilling and testing of well LDV-4X in two zones and is currently incorporating these well results into the resource assessment of the block.

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