The Thai Binh prospect is located in Block 102, Song Hong Basin, offshore northern Vietnam. The prospective area is about 50 kilometers south of Hai Phong City and in water depth of 28 meters.
Thai Binh-1X will test the hydrocarbon potential of the Miocene sands within a four-way depth closure and fault dependent structure. Thai Binh-1X is drilled as a vertical well to a planned total depth of 3,200 meters subsea. The drilling of the well is expected to take approximately 38 days.
SPC, through its wholly owned subsidiary, SPC Vietnam (Blocks 102/106) Co. Ltd, holds a 20% participating interest in the Blocks.
In October 2004, SPC and its partners in the Blocks drilled their first exploration well, Yentu-1X, in Block 106. Yentu-1X, located about 70 kilometers east of the Hai Phong Port, tested oil and gas. Preliminary analysis of the oil drawn from the exploration well indicate that the oil is light and sweet with 43.1 degree API and a pour point of 4.5 degrees Celsius.
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