Vietnam wells wait on rig availability

Offshore staff

NORTH SYDNEY, Australia – PanPacific Petroleum says the Silver Sillago prospect will be drilled as the remaining commitment well in block 07/03 offshore southern Vietnam.

Subject to finalization of the rig contract the well should be drilled around mid-2013.

The partners are assessing whether additional appraisal drilling is needed to resolve resource uncertainties over the Cá Rồng Đỏ oil and gas/condensate discovery.

In offshore block 121 (PPP interest 15%, subject to completion of farm-in), a rig will be sought to drill the large Ca Voi prospect in 2Q 2013.

Operator Origin has requested an extension to the first exploration phase from PetroVietnam to accommodate the revised spud date.

In the Joint Petroleum Development Area (JPDA 06-103) between Timor-Leste and Australia (PPP 15%), operator Oilex continues preparations for drilling the Bazartete prospect.

Due to delays in rig availability, the well cannot spud before the end of the current PSC term in January, leading Oilex to seek an extension to allow drilling to start later in 2013.

Oilex estimates Bazartete’s mean recoverable resources at 71 MMbbl (65 MMbbl within the PSC area) with upside of 164 MMbbl.

Finally, in PMP 38158 in the Taranaki basin offshore New Zealand (PPP 10%), the Tui joint venture partners have in principle approved drilling of the Pateke North infill development/appraisal well, subject to securing a rig. Drilling could start in late 2013.

11/01/2012

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