Pan Pacific Petroleum NL reports that the Ca Rng Do (Red Emperor) exploration well within Block 07/03 Production Sharing Contract, offshore Vietnam, has been drilled to TD at a measured depth of 3,810m BRT having intersected the target intervals. The well was spudded on 6 May 2009 using the semi-submersible drilling unit “Hakuryu-5".
The well-encountered oil and gas shows while drilling and the past week has been spent logging with the Modular Dynamic Tester (MDT) and other wireline tools to determine the net pay and nature of the hydrocarbons. Both oil and gas samples have been recovered from several sands. Further work is still ongoing to interpret the logging results and to determine whether the hydrocarbons discovered are of potential commercial significance. A further statement will be made when evaluation has been completed.
Block 07/03 covers 4,915 km2 in the prospective Nam Con Son Basin, and is adjacent to block12W which contains the Chim Sao and Dua Oil Fields.
Partners in the block are Premier Oil Vietnam South B.V. (“Premier”), Vietnam American Exploration Company, LLC. (“Vamex”, a wholly-owned subsidiary of Pitkin Petroleum Plc), and PearlOil (Ophiolite) Ltd (“Pearl”). Upon completion of Pan Pacific Petroleum (Vietnam) Pty Ltd’s (“PPPV”) farmin obligations, the participating interests will be;
PPPV 15% (100% wholly-owned subsidiary of PPP)
Premier 30% (Operator)
Vamex 40%
Pearl 15%
The farmin agreement is subject to Vietnamese Government approval.
