Pharos is expected to begin a 3D seismic survey at its Vietnam’s Phu Khanh basin in the northern part of Block 125 in Q3 2021, according to Energy Voice.
Pharos will target two areas within the block; the first being a deep-water area with the potential to hold one billion barrels (bbl) of recoverable oil. Whereas the second area is a shallow-water patch with potential for 100-200 million bbl of recoverable oil. After completing the seismic work for the block, the company will then begin looking for investors to farm-in to the block.
Mike Watts, Pharos’ Managing Director, stated that “the Phu Khanh basin can be a company maker. It is an unexplored basin and geologically is analagous to the producing basins in Southeast Asia.”
The company’s work also extends to the Cuu Long basin where 2 billion barrels of oil is produced, Watts noted that the Phu Khanh basin could easily hold that amount as well.
Pharos also plans to begin a six-well drilling campaign at Block 16-1 at the Te Giac Trang (TGT) field in the Cuu Long Basin, from Q3 2020 until Q1 2022. After its completion, the company aims to increase its gross production to around 20,000 barrels of oil equivalent per day (bbloe/d) from the current 15,000 bbloe/d at the TGT field.