NORTH SYDNEY, Australia – Pan Pacific Petroleum and its partners in block 121 offshore Vietnam will decide later this year whether to proceed to exploration Phase 3, which includes a one-well drilling commitment.

They are seeking to bring in another partner to share the costs of the forward program, PPP added.

Work should be completed soon on the pre-stack depth migration of a 3D seismic survey over the Swordfish prospect. The structure is along trend from and 30 km (18.6 mi) north of the Whale prospect drilled by the 121-CV-IX well, and 30 km south of a commercial oil discovery in an adjacent block.

Processing of a 2D seismic survey acquired last year over the eastern deepwater part of the block has revealed some interesting features, PPP said.

In offshore block 07/03 (PPP 5%), the focus is on assessing the commerciality of the CRD oil and gas discovery. Operator Talisman estimates resources at potentially 67 MMboe.

Talisman’s development plan calls for a tension leg wellhead platform and an FPSO, with first oil slated for 2018.

The partners aim to complete the field development plan in mid-year.

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