Friday, Jul 25, 2008
Singapore Petroleum Company Limited (“SPC” or “the Company”) announced today that the Vimean Morodok MahaNorkor-1 exploration well (“the Well”) in Cambodia Block B (“the Block”) was plugged and abandoned at 2,930 metres with non-recoverable oil shows. SPC share of the drilling costs amount to approximately US$3.0 million (about S$4.0 million). This follows the Company’s earlier announcement dated 8 July 2008 (SGX Announcement No. 00051).
Commenting on the drilling results, SPC Vice-President (Exploration & Production), Mr Brian Boslaugh said, “SPC and its partners will continue to work closely to undertake technical works for further evaluation of the Block’s prospects”.
The Well is situated in Block B, offshore Cambodia, east of the Khmer sub-basin, and in water depth of about 75 metres. The well location is approximately 160 kilometres southwest of Sihanoukville, and about 80 kilometres east of the Thai-Cambodian Overlapping Claims Area, in the Gulf of Thailand.
FINANCIAL IMPACT
The Company does not expect the above to have any material impact on the earnings per share and the net tangible asset per share of the SPC group of companies for the current financial year.
About SPC
SPC is a regional oil and gas company with interests in oil and gas exploration, development and production, refining, terminalling and distribution, marketing and trading of crude and refined petroleum products. It is an associated company of Keppel Oil & Gas Services Pte Ltd, a wholly-owned subsidiary of Keppel Corporation Limited.
About Block B
SPC through its wholly-owned subsidiary, SPC Cambodia Ltd (“SPC Cambodia”) holds a 33.333333% participating interest in Block B. SPC Cambodia was incorporated in the British Virgin Islands as a wholly-owned subsidiary of SPC Production Company Ltd which in turn is a wholly-owned subsidiary of SPC. SPC's partners in the Block are PTTEP International Limited and Resourceful Petroleum Limited.
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