OilVoice - Pan Pacific Petroleum Vietnam Block 07/03 Update

Pan Pacific Petroleum Vietnam Block 07/03 Update

Wednesday, December 16, 2009

Premier Oil, the operator of Block 07/03 through subsidiary Premier Oil Vietnam South B.V., indicated the following in its 19th November Interim Management Statement:

'Following the successful Cá Rong Do discovery in June 2009 and subsequent acquisition of 3D seismic data over the eastern side of the block, the second Premier-operated well on Block 07/03 is due to spud imminently. The well is targeting a 30-50-100 mmboe prospect named Cá Rong Vang. The Cá Rong Vang prospect is located approximately 6km northwest of the Cá Rong Do discovery'.

Premier has now indicated that 'Further drilling is currently underway'.

As referenced in an earlier announcement, Pacific Petroleum (Vietnam) Pty Ltd (PPPV), a subsidiary of Pan Pacific Petroleum, is progressing assignment of 5% interest in Block 07/03 from Premier Oil Vietnam South B.V., subject to formal PetroVietnam and Vietnamese Government approval.