SPC and Partners Spud Ham Rong-1X Exploration Well in Vietnam

Singapore Petroleum Company Limited (SPC) and its partners in Blocks 102 and 106 have begun drilling the Ham Rong-1X exploration well on June 2, 2008.

The Ham Rong prospect is located in Block 106, Song Hong basin, offshore northern Vietnam. The prospective area is about 75 kilometers south of Hai Phong City and in water depths of between 25 and 30 meters.

Ham Rong is being drilled to test the hydrocarbon potential of the pre-tertiary fractured and karstified carbonate basement as well as the Miocene channelized clastics reservoir. The well is anticipated to reach a true vertical depth of 4050 meters. Drilling is expected to take approximately 57 days to complete.

The drilling will not 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.