Pharos Energy granted extension to explore licenses offshore Vietnam

Pharos Energy plc, London, has more time to explore two blocks offshore Vietnam.

The company received a 2-year license extension approval from the Vietnamese government for the exploration period for Blocks 125 & 126 under the existing production sharing contract (PSC), it said in a release June 10.

Pharos Energy said its is in active discussions with potential farm-in partners and rig contractors to complete preparations ahead of drilling the commitment well on Block 125.

With the exploraiton extension, Pharos said the company can “retain optionality for the prospect to be drilled,” while still investing in near term production growth in its producing assets in Vietnam.

The exploration period now will run until Nov. 8, 2027. The blocks were awarded to Pharos in 2017. A 2-year PSC extension was granted in June 2023, extending the first exploration period of the PSC to Nov. 8, 2025. 

Blocks 125 & 126 are in moderate to deep waters in Phu Khanh basin, northeast of Cuu Long basin. Multiple structural and stratigraphic plays are observed on the existing 2D seismic data, according to the company website, which notes "interpretation of the available data indicates there is good potential for source, expulsion, and migration of oil with numerous probable reservoir and seal intervals."