Vietnam Approves Full Development Plan for Te Giac Trang Field

The Company has been informed by the Hoang Long Joint Operating Company, the Operator of Block 16-1 in the Cuu Long Basin offshore Vietnam, that PetroVietnam has relayed the Government of Vietnam’s agreement to the extension period for the Te Giac Den Appraisal area.

The extension period is for 15 months (from 1st January 2011 to 30th April 2012) or 21 months (from 1st January 2011 to 31st October 2012) in the event that the Company elects to drill a well.

Several 3D seismic acquisition options are currently being reviewed and it is anticipated that acquisition of the 150 square kilometre 3D programme will commence in late June to early July 2011.

PetroVietnam has also informed the Company that the Government of Vietnam has approved the Full Development Plan for the Te Giac Trang Field, incorporating the second phase development. Installation activities in the field are ongoing and the H4 jacket for second phase drilling and production has been installed. The project remains on target for Phase I production start in August 2011.

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Source: SOCO, May 5, 2011;