Pharos Energy plc, an independent oil and gas exploration and production company, is pleased to announce that it has received approval from the Prime Minister of Vietnam for the TGT Full Field Development Plan (“FFDP”).

This represents the last stage of the required process and follows the recent approval of an initial two-year licence extension to 7 December 2026, as announced in the TGT field licence extension and RBL update on 4 August 2020.

Ordering of long-lead items can now proceed to enable the commencement of the drilling of six firm development wells contained in the FFDP in Q4 2021 as planned. This infill-drilling programme is targeted to increase gross production at TGT from the present ~15,000 boepd to around 20,000 boepd in 2022.

Ed Story, President and Chief Executive Officer, commented:
“We are pleased to have received approval from the Prime Minister of Vietnam for the TGT Full Field Development Plan. This final approval enables us to put plans in place to commence the drilling of the six new producer wells on TGT starting in Q4 2021, allowing us to realise further resources in the TGT field.”

Block 16-1

• Pharos Energy interest: 30.5% working interest
• Operator: Hoang Long Joint Operating Company
• Location: Cuu Long Basin, offshore Vietnam
• Operational phase: Development & Production

Pharos Energy has a 30.5% working interest in Block 16-1 which contains 97% of the Te Giac Trang (TGT) field and is operated by the Hoang Long Joint Operating Company. Pharos’ unitised interest in the TGT field is 29.7%. The company were awarded Block 16-1 in 1999. Production from TGT began in 2011 and to date 41 wells have been drilled and an estimated 78 mmboe produced. Oil from TGT is transported by a sub-sea pipeline to a nearby leased Floating Production Storage and Offloading vessel, where it is processed and then exported by tanker. Gas from TGT is processed at nearby facilities and transported by pipeline to shore, to supply the Vietnamese domestic market.

KeyFacts Energy: Pharos Energy Vietnam country profile