Keeper Resources News

PetroVietnam is to sign an oil exploration contract with US Pogo and Canada’s Keeper Resources on block 124 offshore of central Vietnam. Block 124 is located in Phu Khanh Basin covering a 6.007 sq.km area along the country’s central coastal line, 50km northeast of Nha Trang City. The exploration block was offered for international tender by PetroVietnam in October 2004. Under the seven-year-term contract, the foreign contractors committed to conduct 3D seismic exploration on an 850 sq.km area and drill two exploration wells in the first three years of exploration. PetroVietnam is entitled to 20 percent equity participation when oil or gas is discovered under the contract, in which US Pogo is the main operator.

Keeper Resources Inc. has been awarded an oil and gas exploration block off the coast of Vietnam. Keeper said PetroVietnam had selected Keeper and its bidding partner, a major U.S. independent oil and gas producer, as the winners of a tender for Block 124 off the coast of Vietnam. A final deal is subject to negotiation and execution of a production sharing contract with PetroVietnam, the national oil company of the communist Asian country. Vietnam currently produces 353,000 barrels of oil and about 742 million cubic feet of natural gas a day. The company has operations in Canada and Vietnam.