Santa Fe Snyder makes another S. China Sea find

11/15/1999
Santa Fe Snyder Corp. has made a second oil discovery on Block 15/34 in the Pearl River Mouth basin in the South China Sea.The Panyu 5-1-1 well, drilled 18 km east of the Panyu 4-2 discovery, encountered 400 net ft of oil-bearing sands in 20 individual reservoirs (OGJ, Oct. 5, 1998, p. 41).Two zones were tested. The first, at 2,136-43 m, flowed more than 3,300 b/d of 34° gravity oil. The second, at 1,844-52 m, flowed as much as 530 b/d of 24° gravity crude."The success of the Panyu 5-1 prospect confirms the existence of a substantial hydrocarbon system in Block 15/34," said Santa Fe Snyder CEO James L. Payne."Preliminary evaluations based on logging, testing, and 3D seismic indi...
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