Vietnam: CRD-3X Sidetrack Well Encounters Oil, Gas Pay

Pan Pacific Petroleum (Vietnam) Pty Ltd has been advised by the Operator of the Block 07/03 Production Sharing Contract that evaluation of the CRD-3X and sidetrack appraisal wells, offshore Vietnam, drilled by the “Ocean General” semi-submersible drilling rig has been completed, and the wells are being plugged and abandoned as planned.

The rig will then move to the western part of Block 07/03 to spud the CD-1X well to evaluate the Silver Sillago prospect.
Logging of the CRD-3X sidetrack has indicated 46.1m net oil pay and 49.5m net gas pay in the Miocene reservoirs and confirmed the presence of hydrocarbons in the main Miocene reservoirs intersected in the CRD-3X which found 28.6m net oil pay and 12.3m net gas pay.
As reported earlier, flow testing of three previously untested Miocene reservoir intervals in the CRD-3X well resulted in an aggregated flow rate of in excess of 8000 barrels of oil per day.
The CRD-3X and sidetrack appraisal wells were drilled to resolve resource uncertainties in the Cá Rồng Đỏ (CRD) oil and gas/condensate discovery. The wells have provided very important information in this regard, and PPP considers the results very encouraging.
The Operator, on behalf of the JV participants, will now undertake detailed technical and commercial studies incorporating this new information to assess whether or not CRD has sufficient resources to justify a commercial development. The planned work includes reserves assessment and a review of development concepts/facilities, including costing and economic analysis. Pending the results of these studies and the requisite approvals, a decision regarding further progression to a detailed front end engineering design phase is expected later next year.

 Partners in the block are:

Pan Pacific Petroleum (Vietnam) Pty Ltd 5%

Premier Oil Vietnam South (Operator) 30%

Vamex 25%

Mubadala Petroleum 25%

PetroVietnam Exploration and Production Corporation Ltd 15%

Premier Oil Vietnam South and Vamex were recently acquired by a wholly owned subsidiary of Talisman Energy Inc.

[mappress]
Press Release, December 13, 2013