Halong-1X is a Duster for SPC

Singapore Petroleum Co. Limited (SPC) said that the HaLong-1X exploration well (HaLong-1X) in blocks 102 and 106 is being plugged and abandoned. While oil and gas shows were encountered, the drill stem test did not recover any hydrocarbon.

SPC does not expect the dry hole to have any material impact on the earnings per share and the net tangible asset per share of the SPC group of companies for the current financial year.

SPC is a regional oil and gas company with interest in oil and gas exploration and production, refining, terminalling and distribution, marketing, and trading of crude and refined petroleum products. It is an associated company of Keppel Oil & Gas Services Pte Ltd, a wholly owned subsidiary of Keppel Corp. Limited.

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

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