Ocean General completes drilling in Vietnam. No oil found

March 3, 2014

Ocean General semi-submersible drilling rig has completed drilling operation at a well offshore Vietnam without discovering hydrocarbons.

Pan Pacific Petroleum (Vietnam) Pty Ltd has been advised by the Operator of the Block 07/03 Production Sharing Contract, Premier Oil Vietnam South, that 07/03-CD-1X, the Silver Sillago exploration well being drilled by “Ocean General” drilling rig has reached a measured depth of 3537m BRT (below rotary table) without encountering oil or gas, and TD (total depth) has been declared at this depth.

The well, which evaluated a tilted fault trap similar to the Cá Rồng Đỏ (CRD) structure, encountered sandstones in the main objective sequence as prognosed, but no hydrocarbons were present.

Preparations will now be made to plug and abandoned the well as planned.

Partners in the block are:
Pan Pacific Petroleum (Vietnam) Pty Ltd 5% (a wholly owned subsidiary of Pan Pacific Petroleum NL)
Premier Oil Vietnam South (Operator) 30%
Talisman Vietnam 07/03-CRD Corporation LLC. 25%
Talisman Vietnam 07/03 B.V. 25%
PetroVietnam Exploration and Production Corporation Ltd 15%

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Press Release, March 03, 2014