In a statement CPC said, “The first wildcat, drilled between September to November last year, turned out to be a dry hole. We are studying and evaluating our data at this point to identify the site we will drill our second wildcat.”
“We have yet to decide exactly the time we will drill this well, but it will be sometime in 2005,” added the Taiwanese firm which also admitted the first wildcat was drilled late in the year to avoid China’s ferocious summer and winter typhoon seasons.
The US$25 million PSC is the first co-venture between the two nations and was signed in May 2002. Under the terms of the agreement both firms will jointly spud three wildcats by December 2006.
On a separate note, CPC and CNOOC have agreed to conduct joint research and survey at a block off the coast of Penghu Island in the Taiwan Strait.
