Pogo Awarde Exploration License Offshore Vietnam

Pogo was the highest bidder on License Block 124 in the Phu Khanh Basin on Vietnam's coastal shelf. This license block, covering some 1.48 million acres abuts the eastern coastline of Vietnam, northeast of Ho Chi Minh City. Preliminary analysis of existing seismic data indicates the presence of several promising play types extending from Miocene through Paleozoic age rocks. Following the execution of a Production Sharing Contract with PetroVietnam, and subject to vessel availability and governmental permit approvals, Pogo plans to commence a 3-D seismic acquisition program targeting some 200,000 of prospective close-in coastal acreage in water depths of less than 600 feet. This seismic acquisition program could begin as early as the second half of 2006.
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