Talisman appraisal well off Vietnam successful

Talisman (Vietnam 15-2/01) Ltd. has drilled a sidetrack appraisal well into its Hai Su Trang (HST) discovery made earlier this year on Block 15-2/01 in the Cuu Long basin off eastern Vietnam.

May 7th, 2007

By OGJ editors
HOUSTON, May 7 -- Talisman (Vietnam 15-2/01) Ltd. has drilled a sidetrack appraisal well into its Hai Su Trang (HST) discovery made earlier this year on Block 15-2/01 in the Cuu Long basin off eastern Vietnam.

The sidetrack penetrated the HST structure about 1.1 km northeast of the original discovery location. It was drilled to a TMD of 3,342 m and encountered 51 m of net oil pay at a structural elevation similar to that of the discovery well.

Downhole well logging and sampling confirmed the presence and quality of the same oil-bearing zones tested in the original HST discovery well. As a result, Talisman and its partner, PetroVietnam Exploration & Production Co., anticipate moving quickly to full field development.

Talisman Pres. and Chief Executive Jim Buckee said the HST appraisal well also encountered new zones structurally higher in the section.

Thang Long Joint Operating Co. (TLJOC), a special purpose company established for conducting all operations on Block 15-2/01, plans to begin drilling three new exploration wells in third quarter to evaluate a very exciting basement structure. The company also expects to drill on two more of the many Miocene-Oligocene clastic prospects that are on trend with the HST discovery. Additional exploration drilling is anticipated beyond 2007, Talisman said.

TLJOC is preparing a reserves assessment report for a joint area project development plan. Talisman said discussions will be ongoing with the operators of the Te Giac Trang (TGT) discovery on adjacent Block 16-1. Talisman recently completed a successful sidetrack into the TGT Block 16-1 structure to determine how much it extends into Block 15-2/01 (OGJ Online, Jan. 18, 2007).

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