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PTTEP: successful appraisal results in Vietnam

Drill Stem Test of appraisal well (TGT-10XST1) in Te GIac Trang Field, Vietnam 16-1 Project, has returned successful result with satisfactory flow rates of crude oil and associated gas. Well head platform installation will be further developed to maintain the production rate.

 

Mr. Tevin Vongvanich, President and CEO of PTT Exploration and Production Public Company Limited, or PTTEP, announced that PTTEP and its partners have successful appraisal results from well TGT-10XST1 locates in the south of Te GIac Trang Field (TGT) of Vietnam 16-1 Project, or also known as Area H5.

Well TGT-10XST1 is the first appraisal well drilled in Area H5. The drilling campaign started on June 19, 2013 at the 3,880 meters depth and successfully yielded petroleum discoveries with 119 meters of net pay, on August 11, 2013.

The flow tests (Drill Stem Test - DST) was conducted with results as follow; in 1st zone of Oligocene C, crude oil flow at approximately 6,083 barrels per day (BPD) and associated gas flow at approximately 0.88 million standard cubic feet per day (MMSCFD); in 2nd zone of Lower Miocene 5.2L, crude oil flow at approximately 4,896 BPD and associated gas flow at approximately 1.29 MMSCFD; and lastly, in 3rd zone of Lower Miocene 5.2U+L, crude oil flow at approximately 4,835 BPD and associated gas flow at approximately 23 MMSCFD.

DST result has consecutively encountered crude oil and associated gas with satisfying flow rates. Further development plan is being studied to maintain the production rate of 40,000-45,000 BPD in Vietnam 16-1 Project.

About Te GIac Trang Field in Vietnam 16-1 Project:
The Te GIac Trang Field (TGT) of Vietnam 16-1 Project is located off the southern coast of Vietnam, approximately 100 kilometers from Vung Tau Province, consists of 1 floating production storage and offloading unit (FPSO), 2 wellhead platforms, and the subsea pipeline system. Oil production was first commenced in August 2011.

The Vietnam 16-1 Project is operated by Hoang Long Joint Operating Company which was established by 4 partners; PTTEP Hoang Long Ltd (a wholly owned subsidiary of PTTEP) with a 28.5% share, PetroVietnam Exploration Production Corporation (PVEP) with a 41% share, SOCO Vietnam Ltd with a 28.5% share, and OPECO Vietnam Ltd with a 2% share.

Currently, PTTEP has invested in 4 exploration and production projects in Vietnam, namely Vietnam 9-2 and Vietnam 16-1 which are under production phase, and Vietnam B & 48/95 and Vietnam 52/97 which are under pre-development phase.

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