Murphy Oil Corporation (NYSE: MUR) announced that its subsidiary has drilled an oil discovery at the Hai Su Vang-1X exploration well in Block 15-2/17 in the Cuu Long Basin, located 40 miles offshore Vietnam. The well was drilled to total depth of 13,124 feet in 149 feet of water. Hai Su Vang-1X encountered approximately 370 feet of net oil pay from two reservoirs.
Additional evaluation is ongoing and future appraisal drilling will be conducted.
Hai Su Vang is one of multiple exploration prospects that Murphy has identified in the basin. The findings announced today could form the basis for future development of the Hai Su Vang field.
Murphy’s subsidiary, Murphy Cuu Long Tay Oil Co., Ltd., is the operator of the block with 40 percent working interest. PetroVietnam Exploration Production Corporation Ltd. holds 35 percent working interest and SK Earthon Co., Ltd. holds the remaining 25 percent.
“I am pleased with the success of the Hai Su Vang-1X exploration well. This discovery adds further upside to our current Vietnam business,” said Eric M. Hambly, President and Chief Executive Officer. “We look forward to working with our partners as we continue evaluating the results.”
