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premier comment on ca rong vang

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    I notice that on Premier Oil's webpage there is a small comment about Ca Rong Vang which was released on December 23rd.
    No big deal but there is a slightly different slant on it from what PPP reported......I think.

    The C Rong Vang well on Block 07/03, offshore Vietnam has been drilled to a total depth of 3980m BRT. The well encountered the Thong Mang Cau, Dua and Cau reservoirs as prognosed. However, wireline logging has been completed and indicates the well has not encountered any significant hydrocarbons. The well is now being plugged and abandoned as planned."

    In a further comment down the page a bit the CEO says :

    Simon Lockett, Chief Executive, commented:
    "After an otherwise successful year with the drill bit it is disappointing that we have not encountered significant hydrocarbons at the C Rong Vang location. The well has, however, provided important pressure data which will be key in assessing the discovery we made in June at C Rong Do. Further seismic and drilling activity is planned on this large unexplored area. ....."

    Now I think it is important to recognise that while they did not get "significant" hydrocarbons at Ca Rong Vang the well did have some hydrocarbons at different levels. So though it may not be commercial it certainly would be still encouraging for the potential of other structure in the immediate area of Ca Rong Do and Ca Rong Vang.

    We know they are committed to at least one other well in the Block about June 2010 but we may find that they look to increase their drilling to more than one judging by the last sentence quoted from the CEO.
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