Tui Area Oil Project (PMP 38158) Taranaki Basin (PPP interest 10%)
Production from the Tui Area oil fields totaled 1.5 million barrels (PPP 0.15 million barrels) for the June quarter, averaging 16,646 barrels a day. Cumulative field production to the end of June 2009 was 23.3 million barrels (PPP share 2.33 million barrels). Booked ultimate recovery from the existing four wells is currently estimated at 50.1 million barrels. Production performance continues to trend above forecast.
The Tui Area Joint Venture (JV) has secured the services of the semi-submersible drilling rig Kan Tan IV and has committed to drill at least two exploration wells which are programmed for Q1 2010 on the current rig schedule. Successful discoveries would likely be developed by low-cost tie-back to the existing Tui facilities.
PEP 38483 (PPP interest 14.091%)
Significant progress was made in evaluating the shallow gas play utilizing the 1200km 2D seismic acquired at the end of 2008.
An Application for renewal of the WA-33R Retention Lease over the Maitland Location was lodged with the Department of Industry & Resources prior to the expiry of the existing lease on 4th April 2009.
Pan Pacific Petroleum (Vietnam) has entered into a farm-in agreement with Premier Oil Vietnam South B.V. ("Premier") to earn a 15% interest in Block 07/03, offshore Vietnam, subject to the waiver of pre-emptive rights by PetroVietnam and Vietnamese Government approval. Block 07/03 covers 4,915 km2 in the prospective Nam Con Son Basin, and is adjacent to block12W which contains the Chim Sao and Dua Oil Fields.
The farm-in agreement included funding of part of Premier's costs of the Red Emperor (Cá Rồng Đỏ) exploration well. Other partners in the block are Vietnam American Exploration Company, LLC (40%, a wholly-owned subsidiary of Pitkin Petroleum Plc), and PearlOil (Ophiolite) Ltd (15%). Premier is operator.
The Red Emperor (Cá Rồng Đỏ) well encountered oil and gas shows while drilling and the results of logging established approximately 90m net pay comprising both oil and gas within multiple stacked reservoir layers. Two of these reservoir zones were tested and flowed oil at a combined rate of 3,265.4 barrels of oil per day plus 8.1 million standard cubic feet of gas per day, through a 48/64" choke. No water was produced from either zone. The discovery of oil and gas is very encouraging, and it is now planned to evaluate the resource potential of the discovery and adjacent structures, and to determine future exploration and appraisal activity.
A second exploration well, which is a commitment under the terms of the PSC, is planned in Q4 2009.
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