In a press release COPCL revealed oil pay in the wells ranged from 41 feet to 139 feet with analysis indicating the oil is 44 degree API crude.
Block A encompasses the Khmer Basin and covers an acreage of around 6,278 sq km. Average water depths in the area is 240 feet.
In the release ChevronTexaco Overseas Petroleum president John Watson said, “The preliminary results of these exploration wells are promising, and they underscore the further success of our focused global exploration program. As a new exploration area for ChevronTexaco, Cambodia could offer the potential to build upon our already strong position in the Gulf of Thailand.”
The sentiment is echoed by ChevronTexaco’s Asia Business Unit MD Keli Taureka. According to Taureka, “We are very encouraged to find oil in each of the first four wells of this drilling program, especially given that prior to us acquiring this block it had been explored through nine previous wells. However, it is important to complete the drilling program and fully assess the well results to determine the potential commerciality of the finds.”
In a report by the Yonhap news agency, one of the partners in Block A – LG-Caltex Corp – has revealed the consortium in charge of the block intends to “continue exploration in another well drilled in the block” and an initial report on the economic value of the five wells will be provided when the first phase of the project ends in February.
ChevronTexaco has a 55% interest in the block and is the operator. The other partners in the consortium are Moeco Cambodia Ltd (30%) and LG-Caltex Oil Co (15%).
