Premier Oil's CRD-2X Well in Block 07/03 Reaches TD

Premier Oil Vietnam South B.V., the operator of the Block 07/03 Production Sharing Contract, has advised that the CRD-2X appraisal well reached the planned TD of 3109m BRT on 28th February. The operator is currently carrying out a program of logging to enable a full evaluation of the objective section, and the results of this will determine whether further operations will be undertaken.

CRD-2X has been planned to evaluate the oil and gas discovered in multiple stacked reservoir layers by CRD-1X drilled with the aim of reducing uncertainty in whether the CRD structure contains sufficient volumes to support a potential development. The implications of the CRD-2X results will be advised when the well evaluation has been completed.

Partners in the block are:
Pan Pacific Petroleum (Vietnam) (a wholly owned subsidiary of Pan Pacific Petroleum NL) 5%; Premier Oil Vietnam South B.V. (Operator) 30%; Vietnam American Exploration Company, LLC. (a wholly owned subsidiary of Pitkin Petroleum Plc) 40%; PearlOil (Ophiolite) Ltd. 15%; PetroVietnam Exploration and Production Corporation Ltd 10%.