Oil is Discovered Offshore Vietnam in Block 15-1

Oil was discovered in Block 15-1 offshore Vietnam in the Cuu Long Basin. Block 15-1 covers approximately 1.15 million acres and is located near the producing fields of Bach Ho, Ruby and Rang Dong. The well was drilled by Santa Fe's jackup, Key Gibraltar in 154 feet of water. Results from the first well test achieved a flow rate of 5,600 barrels per day (bpd) and additional tests on the remaining zones will continue in the coming weeks. Partners in the block include: Conoco with a 23.25 percent interest; PetroVietnam with a 50 percent interest; KNOC with a 14.25 percent interest; SK Corporation with a 9 percent interest and Geopetrol with the remaining 3.5 percent interest. Conoco holds a 40 percent interest and will act as operator in nearby Block 16-2 which is currently undergoing a 3D Seismic survey.