Cambodia: SPC group abandons offshore exploration well
28 Jul 2008
Singapore Petroleum Company Limited, SPC, has announced that the Vimean Morodok MahaNorkor-1 exploration well located in Cambodia offshore Block B was plugged and abandoned at 2,930 metres with non-recoverable oil shows. SPC share of the drilling costs amount to approximately US$3 million. Commenting on the drilling results, SPC Vice-President (Exploration & Production), Mr Brian Boslaugh said, “SPC and its partners will continue to work closely to undertake technical works for further evaluation of the Block’s prospects”.
The well is situated in Block B, offshore Cambodia, east of the Khmer sub-basin, and in water depth of about 75 metres. The well location is approximately 160 kilometres southwest of Sihanoukville, and about 80 kilometres east of the Thai-Cambodian Overlapping Claims Area, in the Gulf of Thailand.
The Company does not expect the above to have any material impact on the earnings per share and the net tangible asset per share of the SPC group of companies for the current financial year.
SPC is a regional oil and gas company with interests in oil and gas exploration, development and production, refining, terminalling and distribution, marketing and trading of crude and refined petroleum products. It is an associated company of Keppel Oil & Gas Services Pte Ltd, a wholly-owned subsidiary of Keppel Corporation Limited.
SPC through its wholly-owned subsidiary, SPC Cambodia Ltd holds a 33.333333% participating interest in Block B. SPC's partners in the Block are PTTEP International Limited and Resourceful Petroleum Limited.