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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