Following a review by the company, the well is targeting one of the thickest reservoir sections within the field and is adjacent to one of the best producing wells in the field.
The well is expected to take approximately two weeks to drill and is budgeted at $850,000. It is also expected to be tied into the production facilities within a matter of days following completion.
The seismic vessel Aquila Explorer has been contracted to acquire the 2,000km 2D seismic survey in block 120 offshore Vietnam, commencing late May 2010. The vessel will be assigned from another operator in the region. Subject to gaining the necessary approvals from the Vietnamese authorities, it is planned that Neon will use the same vessel to acquire the 1,500km 2D survey in block 105-110/04 immediately after completion of the block 120 survey.
Analysis of the recent North Paris Valley well in California has shown that a gross 41mt oil column is present with two high permeability zones containing 7mt of net oil pay that is less viscous than anticipated.
Ken Charsinsky, managing director of Neon, said: “This is an exciting time for the company with activity on a number of projects increasing significantly. The drilling of an additional horizontal production well at NSA is expected to significantly enhance production and boost revenues accordingly.”
