Talisman Energy Announces Successful Exploration Well in Vietnam

abarrelfullabarrelfull wrote on 11 Jun 2014 07:31

Jan. 17, 2007

Talisman (Vietnam 15-2/01) Ltd., a wholly owned subsidiary of Talisman Energy Inc. (TSX:TLM) (NYSE:TLM), has announced that the Hai Su Trang (HST) exploration well offshore Vietnam has tested with significant oil rates.

The HST well is located in Block 15-2/01, 50 miles off the east coast of Vietnam on trend with large oil and gas discoveries in the Cuu Long Basin. The well was drilled to a total vertical depth of 10,888 feet and encountered a hydrocarbon bearing interval of approximately 268 feet in the Lower Miocene zone, including about 170 feet of net pay. The well tested at a combined rate of 14,863 bbls/d through a two inch choke at an average 450 PSI surface pressure.

The HST oil discovery is on a separate fault block updip and adjacent to the 2005 Te Giac Trang (TGT Block 16-1) industry discovery. A sidetrack is now ongoing to penetrate the TGT Block 16-1 structure to determine how much of the TGT Block 16-1 discovery extends onto Block 15-2/01. Plans are to follow this sidetrack with an appraisal sidetrack on the HST structure.

"These are great results from our first exploration well on the block" said Dr. Jim Buckee, President and Chief Executive Officer of Talisman. "Access to high quality acreage, which has previously only seen the first round of exploration, has allowed Talisman to develop and prove new and attractive play concepts. This block's shallow water environment should allow us to move quickly and to manage development costs."

The Thang Long Joint Operating Company, a special purpose company established for the purposes of conducting all operations on Block 15-2/01, plans to drill three new wildcat exploration wells in 2007 to evaluate features on trend with the HST discovery. Talisman holds a 60% working interest share in any commercial discoveries on Block 15-2/01 with PetroVietnam Exploration and Production Company holding the remaining 40%.

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