Songa Mercur to Drill Ca Ngu Prospect in Block 120 off Vietnam

Australia's Neon Energy Limited reported Thursday that the offshore Vietnam Block 120 Joint Venture has selected the Ca Ngu prospect in Song Hong Basin for drilling, and that Petrovietnam has approved the well location.

The Ca Ngu prospect was identified by the 193 square miles (500 square kilometers) 3D seismic program, completed in mid 2012. The primary objectives are clastic reservoirs of Pliocene age, and the underlying carbonate reservoir of Miocene age. The high quality 3D seismic data reveals a significantly thicker Oligocene synrift section than previously thought, which potentially increases the volume of mature source rock available to generate hydrocarbons and also opens up the possibility of a gas play within the block.

The seismic character within the Pliocene objectives suggests a channelized depositional setting, prognosed to contain
clastic reservoirs at multiple levels. A number of levels exhibit anomalous seismic amplitudes and strong Amplitude vs Offset (AVO) anomalies which can be indicative of the presence of gas and/or oil.

The Ca Ngu-1 well will target the Miocene carbonate reservoir drilled in the 120-CS-1X well by BHP in 1993, at a location some 7.5 miles (12 kilometers) north. That well confirmed a working petroleum system within the block.

The Ca Ngu prospect has been selected as a “play finder” well in that it is considered to offer the best chance of success of finding hydrocarbons at a number of levels. Success at Ca Ngu will de-risk large prospects such as Rua Bien and/or Ca Lang, which remain on the prospect inventory. The results of this well will also provide velocity information relevant to mapping the deeper Oligocene play and a potentially significant fractured basement play, both of which are being studied by the joint venture.

The Company has determined gross prospective resource estimates (recoverable) for an oil case of 181 million barrels of oil (best estimate) and 420 million barrels of oil (high estimate).

Managing Director Ken Charsinsky commented “The Ca Ngu well is an exciting play finder which could further de-risk the substantial portfolio of prospects within Block 120. It has been selected on the basis of having the most appealing combination of risk factors based on our current pre-drill understanding of the block, and will enable the joint venture to calibrate the seismic responses over a number of other prospects which will guide exploration efforts in the future.”


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