Eni Makes Potentially Significant Gas Discovery Offshore Vietnam

Neon Energy Limited has informed that the Cua Lo-1 ST1 exploration well, located offshore Vietnam, is confirmed as a potentially significant gas discovery.

 

Drilling has reached Total Depth (TD) at 2,867 metres (measured depth), and Operator Eni is presently completing wireline logging operations.

Based on gas shows and initial evaluation of Logging-While-Drilling (LWD) data, one additional zone of interest has been encountered; at the 4.7Ma level. This brings the total number of zones of interest to four. A fifth level (5.5Ma) exhibited gas shows within a poor quality reservoir that may have potential for improved reservoir characteristics elsewhere. The four reservoirs (4.1Ma, 4.2Ma, 4.5Ma & 4.7Ma) exhibit good indications of gas over a total gross interval of approximately 150 metres.

“While it would be premature to comment on the potential size of the Cua Lo resource, it is certainly well within the range of pre-drill estimates as previously reported by the Company, ” Neon said in a press release.

The Joint Venture has unanimously agreed to production test the well, and the parameters of a testing program will be finalised after analysis of the new wireline log data. The program will be designed to confirm that gas can flow to surface at commercial rates, and provide critical data regarding reservoir deliverability and gas composition; information that is key to determining commerciality. The test program is expected to begin within one week and to take a further week to complete.

Neon Energy Managing Director, Ken Charsinsky commented, “The forthcoming test program is the culmination of a four-year effort to realise value from Block 105. We are of course excited by the discovery of a potentially significant gas resource at Cua Lo, and eagerly anticipate the results of production testing.” 

Press Release, December 06, 2013

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