Primeline Enters into Phase 2 Exploration of Block 33/07 in East China Sea
Primeline Energy Holdings Inc. (Primeline or the Company) disclosed Thursday that it has agreed with China National Offshore Oil Corp. (CNOOC) that it will enter the next and second phase of exploration commitment under the Petroleum Contract for Block 33/07 (Petroleum Contract) in the East China Sea.
This decision follows the completion of Primeline's evaluation of the 2015 program which saw a cost effective and smooth drilling operation of two exploration wells - LS23-1-1 and LS30-3-1. Both wells encountered very good sandstone reservoirs as predicted and gas shows, but were not commercial.
By entering into phase two, Primeline has agreed to relinquish 25 percent of the contract area under the Petroleum Contract. The contract area for Block 33/07 is 1,698 square miles (4,397 square kilometers).
Block 33/07 surrounds Block 25/34 where the LS36-1 gasfield is located. Any discovery from Block 33/07 can enjoy the benefit of LS 36-1 production facility which has been in production since July 2014.
Further details on upcoming exploration plans will be provided in due course.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- CNOOC 3Q Revenue Rises; Only Halfway To 2017 Spending Goal (Oct 25)
- CNOOC Completes Test Runs at Huizhou Refinery in Guangdong - Report (Oct 09)
- Exxon Mobil Bets on Brazil, Buys 10 Oil Blocks in Auction (Sep 28)
Company: Primeline Energy Holdings Inc. more info
- Primeline to Commence Arbitration Against CNOOC Over China's Offshore Block (May 25)
- Primeline Enters into Phase 2 Exploration of Block 33/07 in East China Sea (May 05)
- Primeline Begins Arbitration Over Zhejiang Gas' Breach of Sales Contract (Apr 18)