Serica Energy plc announces that the exploration well 06/94-TV-1X (Tuong Vi-1X) offshore Vietnam has reached a target depth of 2,700 metres.
The primary target of the well was the oil potential of the Mio-Oligocene Dua and Cau Formation sandstones. Wireline logs acquired to date indicate that no significant hydrocarbons are present in good quality sands in the objective section. The well is being plugged and abandoned.
The well was drilled using Diamond Offshore's semi-submersible rig, the Ocean General.
Serica has a 10% carried interest in the 06/94 Production Sharing Contract.
Serica CEO Paul Ellis said:
"Although it is disappointing that our first well in Vietnam did not encounter commercial hydrocarbons, we are encouraged that a new oil play in the south-eastern part of Block 06/94 has been opened up by the oil discovery announced this week by Premier Oil in Block 07/03, 25 kilometres to the south of Block 06/94."
Pearl Energy (operator) has a 33.33 percent licence interest, Lundin Petroleum has 33.33 percent, AWE 23.3 percent and Serica with 10.00 percent.