Offshore Phu Khan Basin
15% through wholly owned subsidiary Pan Pacific Petroleum Vietnam (121) Pty Ltd.
Pan Pacific Petroleum Vietnam (121) Pty Ltd completed the acquisition of a 15% interest in the Block 121 Production Sharing Contract, offshore Vietnam, from Origin Energy (Song Hong) Pte. Ltd. in March 2013.
Block 121 is an offshore area adjacent to the Vietnam coastline and covers an area close to 6000 km2. It is located over the northern portion of the Phu Khanh Basin and includes the southern extension of the Triton Horst. This is a relatively under-explored but potentially attractive area and has the possibility to contain both oil and gas.
The large Ca Voi prospect was drilled as commitment well 121-CV-1X in June-July 2013. No hydrocarbons were present in the main objective but the well did penetrate wet gas shows in a shallower interval which demonstrated that a working petroleum system is present in Block 121.
The PSC is currently in the Second Exploration Period which began in late December 2013.
The Block 121 joint venture partners, including PPP are currently seeking a farmin partner with the aim of sharing the costs and risk of further exploration, particularly if electing at the end of 2015 to proceed into Third Exploration Period which includes a drilling commitment. Depending on the merits of any offers received, PPP may also consider the sale of the Company’s interest in the block.