Project Profile
Value: Undisclosed
Location: Malay-Tho Chu basin, southwest Vietnam
Reserves: Tho Chu discovery - 49.8 MMboe (2C) and 156.5 MMboe (3C), U Minh discovery - 14.7 MMboe (2C) and 24.0 MMboe (3C) (119 MMboe (Pmean) to 226 MMboe (P10) for five other prospects)
Area: unknown
Start-up Year: 2017-18
Block 51 is located in the Malay-Tho Chu basin at southwest Vietnam. The block contains seven prospects with Tho Chu discovery and U Minh discovery being the most prolific. In 2015, Mitra was assigned the full 35% working interest in Block 51 PSC formerly held by Kuwait Foreign Petroleum Exploration Company (KUFPEC), taking Mitra’s net working interest in Block 51 to 70%. The assignment became effective from December 31, 2015 and is subject to final governmental approval. The remaining 30% is held by Petrovietnam Exploration Production Corporation (PVEP). The partnership drilled a discovery well, 51-TC-1X, in 2012 and an appraisal well, 51-TC-2X, in 2014. In addition, an earlier discovery (U Minh discovery) was made by a previous operator, Fina, several years prior to the current PSC, proximal and in a similar setting to Mitra\'s Nam Du discovery on Block 46/07. The Tho Chu discovery resource estimate was independently audited by Senergy (September 2014 CPR), with a Gross Contingent Resource of 49.8 MMboe (2C) and 156.5 MMboe (3C). The Gross Contingent Resources for the U Minh discovery were 14.7 MMboe (2C) and 24.0 MMboe (3C). An update to the subsurface model for the Tho Chu Field was completed in Q3, 2015 and will be used as the basis for future appraisal drilling. Vietnamese government technical audit (Reserve Assessment Report or RAR) for the U Minh Field were presented to the Petrovietnam Reserves Committee on November 11, 2015. Formal Petrovietnam written approval of the RAR was received on 6th January 2016. Outline Development Plan (ODP) for the field is currently being reviewed by PVEP prior to submission to Petrovietnam for approval. Five prospects in the vicinity of the two discoveries have been identified from 3D seismic data interpretation. Prospect evaluations were independently audited by Senergy. The total gross unrisked Prospective Resource for the five prospects are reported as 119 MMboe (Pmean) to 226 MMboe (P10). An update to the subsurface model for the Tho Chu field in the block 51 PSC was completed in 2015 and will serve as the basis for future appraisal drilling. Mitra gained a six-month extension to Exploration Phase Two of the PSC to assess optimal timing for this campaign.
Operators:
Jadestone Energy: Operator with 100% working interest (70% equity)
PetroVietnam Exploration and Production Company (PVEP): 30% equity interest