Philex Mining Corp. said Wednesday its international oil exploration affiliate Pitkin Petroleum Plc has found encouraging oil and gas flow rates in Block 07/03, offshore Vietnam.
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In a disclosure, Philex said the block’s operator, Premier Oil Vietnam South B.V., said positive "hydrocarbon flow rates from the Oligocene section in Ca Rong Do, which in addition to the previously proven Miocene reservoirs, provide further exploration upside across the area."
Premier Oil added that "we look forward to the result of the sidetrack well, which will provide additional data to determine the hydrocarbon distribution in this part of the Ca Rong Do (CRD) structure."
Pitkin said that the CRD-2X appraisal well has been drilled to a total depth (TD) of 3,785 meters MDRT, appraising the Miocene sands discovered in 2009 with the CRD-1X well.
The well was deepened from the preliminary TD of 3,109 meters MDRT to evaluate the Oligocene, which was not tested by the CRD-1X well. Thus, two drill stem tests of the hydrocarbon bearing sands in the Oligocene section have been conducted.
The first zone tested flowed gas and condensate at rates of 9.7 MMSCFD (million standard cubic feet per day) and 870 barrels of oil per day, respectively, while the second zone tested flowed gas and condensate at rates of 17 MMSCFD and 1730 BOPD.
Pitkin said the well will now be sidetracked to further evaluate the distribution of hydrocarbons in the Miocene sands.
Philex said Pitkin, via its wholly-owned unit Vietnam American Exploration Company LLC, has a participating interest of 40% in Block 07/03.
Its partners are Premier Oil (30%), PearlOil (Ophiolite) Ltd (15%), Pan Pacific Petroleum (Vietnam) Pty Ltd (5%), and PetroVietnam Exploration & Production Corporation Ltd (10%).
Pitkin, which is currently 18.46% owned by the Philex group through wholly-owned unit Philex Petroleum Corp., is an international upstream oil and gas company focused on tertiary basins primarily in the Pacific Rim region with operations in Peru, Vietnam, the Philippines, and the US.
It is involved throughout the exploration and production value chain, with an active exploration program, a redevelopment project and equity interests in small scale production.
