Idemitsu Makes Gas, Condensate Find at Blocks 05-1b & 05-1c Off Vietnam

Inpex Corporation announced Thursday that the Blocks 05-1b and 05-1c joint venture, comprising operator Idemitsu Oil & Gas Ltd., JX Nippon Oil & Gas Exploration Corporation and its s subsidiary Teikoku Oil (Con Son) Co. Ltd., made a gas and condensate discovery at the fourth well in Blocks 05-1b and 05-1c offshore southern Vietnam

The well in Blocks 05-1b and 05-1c, located 186 miles (300 kilometers) southeast of Ho Chi Minh City, was spud in February. The drill stem tests (DST) were carried out in May and August, and accumulations of gas and condensate were discovered.

This latest find follows discovery of oil and gas accumulations at other wells drilled in the same blocks. The joint venture will carried out a detailed reservoir evaluation in conjunction with further evaluation of other potential prospects in these two blocks.

Idemitsu has a 35 percent operating interest in Blocks 05-1b and 05-1c, while JX Nippon also holds a 35 percent stake and the remainder 30 percent is held by Teikoku Oil. The joint venture entered into a Production Sharing Contract with Vietnam Oil and Gas Group (Petrovietnam) for Blocks 05-1b and 05-1c in October 2004, and were awarded an investment license by the Vietnamese government.