Pharos Energy begins TGT infill drilling in Cuu Long basin

Pharos Energy PLC has started the Te Giac Trang (TGT) field infill development drilling program on Block 16-1 in Cuu Long basin, offshore Vietnam.

The TGT-H4-34P development well, the first in the program, was spudded from the H4 well head platform at the southern end of the field in 47 m of water. The well is being drilled with the PVDII jack up drilling rig. The initial four-well program will run to yearend.

Once each well is completed, it will be tied into existing TGT processing facilities. Capital spend for the four wells is about $13.2 million net to Pharos.

An additional two wells are expected to be drilled in 2022 pending budgetary approval later this year. Full field development includes a further nine contingent wells to be drilled in the years to come.

TGT field was discovered by Pharos and developed by the Hoang Long Joint Operating Co. via three unmanned platforms and an FPSO. The field is on natural decline and is currently producing about 14,000 b/d. The full infill program is designed to increase production to around 20,000 b/d.

Pharos has 30.5% working interest in Block 16-1 which contains 97% of TGT and is operated by the Hoang Long Joint Operating Co. Pharos' unitized interest in TGT is 29.7%.