SPC and Partners Drill HaLong-1X Exploration Well

Singapore Petroleum Company together with its partners in Blocks 102 and 106 have begun drilling the HaLong-1X exploration well on June 9, 2006.

The HaLong prospect is located in Block 106, Song Hong Basin, offshore northern Vietnam. The prospective area is about 100 kilometers southeast of Hai Phong City and in water depth of 29 meters

. HaLong-1X will test the hydrocarbon potential of the Miocene sands and fractured Basement play and is anticipated to be drilled to a measured depth of 1,900 meters subsea. The drilling of the well is expected to take approximately 48 days.

SPC, through its wholly owned subsidiary, SPC Vietnam (Blocks 102/106) Co. Ltd, holds a 20% participating interest in the Blocks.