Business
Vietnam Operational Update
Vietnam Operational Update.
About this update from Pharos Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7551S\n Pharos Energy PLC\n 18 November 2021\n \n \n \n \n \n \n 18 November 2021\n \n \n \n \n Pharos Energy \n \n \n (\"Pharos\" or the \"Company\" or, together with its subsidiaries, the \"Group\")\n \n \n Completion of the successful TGT Well Intervention and Development Drilling Campaign\n \n \n Compressor issue being investigated\n \n \n \n \n \n Pharos Energy plc,\n an independent oil and gas exploration and production company, is pleased to provide an update on its activities in Vietnam.\n \n \n \n \n \n Ed Story, President and Chief Executive Officer, commented:\n \n \n \n \n \n \"I am delighted to announce that the first phase of the infill development drilling programme in TGT has finished, with all four wells testing at rates in line with or ahead of pre-drill expectations. The campaign was completed ahead of schedule and under budget. The well intervention programme conducted earlier in the year also delivered rates above expectations. Together, these two operational campaigns have increased production capacity and will ultimately improve recovery from the field. They also support the further activity set out in the Full Field Development Plan designed to optimise field oil & gas recovery and a submission request for a five-year contract term extension.\n \n \n \n \n \n \"We are very excited to see our expectations of these Vietnam resources being further developed and realised at a time of higher oil prices. Moreover, they provide a cleaner energy source to fuel the economic growth of Vietnam whilst enabling a reduction in coal consumption. We continue to take our responsibility to the people of Vietnam and their environment very seriously.\"\n \n \n \n \n \n TGT Well Intervention and Development Drilling\n \n \n \n \n \n Pharos Energy announces that the Hoang Long Joint Operating Company has successfully completed its 2021 TGT well intervention and development drilling campaign.\n \n \n \n \n \n Further to the statement made on 11 November 2021, the company is pleased to announce that the fourth well in the programme came on stream at an initial rate of 2,200 bopd. \n \n \n \n \n \n The initial flow of the four development wells of 8,800 bopd exceeded the predicted combined initial oil rate of 5,650 bopd by 3,150 bopd. Importantly,...