Aabar unit acquires stake in block off Vietnam

By OGJ editors
HOUSTON, July 2 -- Vietnam American Exploration Co. LLC (Vamex) has signed a farm-out agreement with PearlOil (Ophiolite) Ltd., a subsidiary of Aabar Petroleum Investments Co. PJSC, covering a 15% interest in the production-sharing contract on Block 07 and 08/97 off southern Vietnam.

The 4,915-sq-km block lies at the southern margin of the Nam Con Son basin and is on trend with oil and gas discoveries such as BP PLC's producing gas fields at Lan Tay and Lan Do. The block is adjacent to Aabar-operated Block 06/94, awarded last year.

The block has been little explored in recent years due to a moratorium on the territory boundary between Vietnam and Indonesia. The boundary dispute was resolved in 2003.

Subject to government approval, the farmout will allow for the interest in the block to be redistributed, giving Premier Oil Vietnam South BV (operator) 45%, Vamex 40%, and PearlOil 15%.

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