The zones tested flowed oil at a combined rate of 3,265 barrels of oil per day plus 8.1 million standard cubic feet of gas per day, through a 48/64 feet choke. No water was produced from either zone.
Premier Oil plans to conduct a 3D survey to define the resource potential of the Ca Rong Do discovery and adjacent structures and to determine future exploration and appraisal activity. The company is now planning to drill a second exploration well elsewhere on block 07/03 in fourth quarter of 2009.
Simon Lockett, chief executive officer, commented: “We are delighted to have encountered hydrocarbons, both oil and gas, with our first well on Block 07/03, giving us encouragement that we have a working hydrocarbon system within this large under-explored area of the Nam Con Son Basin. Given numerous leads and prospects in this and our adjoining acreage, we look forward to an active seismic and drilling programme as a follow up to this success.”
Block 07/03 covers 4,915 square kilometers in the Nam Con Son basin, and is adjacent to block12W which contains Premier Oil’s Chim Sao and Dua oil fields. Partners in block 07/03 are Premier Oil Vietnam South B.V. 30% (Premier Oil, Operator), Vietnam American Exploration Company, LLC. 40% (Vamex, a wholly-owned subsidiary of Pitkin Petroleum Plc), and PearlOil (Ophiolite) Ltd 15% . Pan Pacific Petroleum Pty Ltd has 15% equity following a farm-in agreement which is subject to Vietnamese government approval.
