Vietnam

April 22, 2011

The Te Giac Trang (White Rhinoceros) field, located in the northern part of block 16-1 offshore southeast Vietnam, is expected to begin production in August, reaching a plateau production of 55,000b/d of oil in this first phase of development.

Operator Hoang Long JOC has completed batch drilling four production wells, confirming the reservoir model, and started drilling an eighth development well using the jackup PV Drilling I following which installation of in-field pipelines and FPSO hookup will be undertaken.

An Idemitsu Kosan led partnership has found oil and gas in an exploration well in blocks 05-1b and 05-1c offshore southern Vietnam. No reserves estimates of the Dai Nga structure discovery have been given. Idemitsu and JX Nippon Oil & Gas Exploration each hold a 35% stake with Inpex the balance, the three firms having entered into a PSC with PetroVietnam in 2004.



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