Ocean General Continues Work at CRD-3X Well in Block 07/03 off Vietnam

Pan Pacific Petroleum (Vietnam) Pty Ltd disclosed Thursday that the Operator of the Block 07/03 Production Sharing Contract in the Nam Con Son Basin off Vietnam has reported that the CRD-3X sidetrack being drilled by Ocean General (mid-water semisub) has reached total depth (TD) at a measured depth of 11,906 feet (3,629 meters) BRT (below rotary table).

The CRD-3X sidetrack has been drilled to test a structure within the CRD field to the south of the CRD-3X appraisal well to evaluate the potential for additional net pay within the Miocene reservoirs. The sidetrack will now be evaluated by wireline logging.

The appraisal well and side track are designed to resolve resource uncertainties in the Ca Rong Do (CRD) oil and gas/condensate discovery and prove up sufficient recoverable volumes to justify a commercial development.

Partners in the block are:

• Pan Pacific Petroleum (Vietnam) Pty Ltd (a wholly owned subsidiary of Pan Pacific Petroleum NL): 5 percent
• Premier Oil Vietnam South (Operator): 30 percent
• Vamex: 25 percent
• Mubadala Petroleum (through its affiliate PearlOil (Ophiolite) Ltd): 25 percent
• PetroVietnam Exploration and Production Corporation Ltd: 15 percent

Premier Oil Vietnam South and Vamex were recently acquired by a wholly owned subsidiary of Talisman Energy Inc.