PTTEP makes new discovery in Vietnam

Mr. Maroot Mrigadat, President of PTT Exploration and Production Public Company Limited or PTTEP reported on the successful completion of the drilling of the TGT-2X appraisal well on the Te Giac Trang ("TGT") structure on Block 16-1 offshore Vietnam. The results of this appraisal well, confirmed a petroleum discovery which flowed at an exceptional rate, with a maximum total flow rate of approximately 17,500 barrels of crude oil equivalent per day (BOED).

The successful completion of TGT-2X appraisal combined with the preceding TGT-1X discovery well which was completed in August 2005 and resulted in a petroleum discovery, with a maximum total flow rate of approximately 9,432 BOED is significant evidence of the high petroleum potential for Block 16-1. As a result, PTTEP will be fast tracking further exploration and the development of the project to begin commercial production by the end of 2007.

In 2006 there are further plans for Block 16-1 which will include 2 further exploration wells, 1 appraisal well and 3D Seismic survey to assess the crude oil reserves.
PTTEP Hoang-Long Company Limited, a subsidiary of PTTEP holds a 28.5% stake in Block 16-1 with the remainder held by Petrovietnam Exploration and Production Company 41% and SOCO Vietnam Ltd. 28.5% and OPECO Vietnam Ltd. 2%

Courtesy of PTTEP website, dated 15/3/2006