The sidetrack well penetrating the TGT structure on Block 15-2/01 was drilled to a total depth of 3,321 meters (measured depth) and successfully tested oil from the Lower Miocene formation, flowing at 4,886 bbls/d of 37 degrees API oil, limited by well test equipment.
The HST discovery is also located in Block 15-2/01, 50 miles off the east coast of Vietnam on trend with large oil and gas discoveries in the Cuu Long Basin. In January 2007, Talisman announced that the HST discovery well had tested 14,863 bbls/d of oil from a separate fault block updip and adjacent to the 2005 Te Giac Trang (TGT Block 16-1) industry discovery.
"This continued success confirms our belief in the considerable potential of Block 15-2, with over 20 prospects and leads already identified by our 3D seismic survey," said Dr. Jim Buckee, President and Chief Executive Officer of Talisman. "Although we are still in the appraisal stage, these drilling results have given us some confidence that we are looking at our first commercial discovery here. The well results also support the likelihood that we will find a number of similar structures at Miocene level, particularly where by-passed pay has already been recorded in early wells drilled on the block. We move forward with increased confidence in the three well exploration program, which is due to commence in the third quarter of this year."
The Thang Long Joint Operating Company, a special purpose company established for conducting all operations on Block 15-2/01, plans to drill three new wildcat exploration wells in 2007 to evaluate additional structures on trend with the HST discovery. Talisman holds a 60% working interest share in any commercial discoveries on Block 15-2/01 with PetroVietnam Exploration and Production Company holding the remaining 40%.
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