vietnam drilling

Offshore 19th May 2009

LONDON -- London-based Pitkin Petroleum is stepping up its exploration program offshore Vietnam and The Philippines.

Operator Premier Oil started drilling the Ca Rong Do prospect in Vietnamese block 07/03 earlier this month – Pitkin is a participant via its wholly-owned subsidiary Vietnam American Exploration Co.

The semisubmersible Hakuryu V is drilling the well in 319 m (1,046 ft), and a second well is planned this fall. Block 07/03 is in between the producing Nam Con Son fairway to the north and Indonesia's East Natuna Sea discoveries to the south.