Idemitsu Oil & Gas Co., Ltd., JX Nippon Oil & Gas Exploration Corporation and Teikoku Oil (Con Son) Co., Ltd. announce the discovery of gas and condensate at the fourth well called “SV-1X” in the “Sao Vang” structure in Blocks 05-lb and 05-lc offshore southern Vietnam.

Blocks 05-lb and 05-lc are located 300 km southeast of Ho Chi Minh City. The well was spudded in February 2014. The drill stem tests (DST) were carried out in May and August, and accumulations of gas and condensate were discovered.

Discovery of gas and condensate at this exploration well follows discovery and confirmation of oil and gas accumulations at other wells drilled in Blocks 05-lb and 05-lc. A detailed reservoir evaluation will be carried out in conjunction with further evaluation of other potential prospects in these blocks.

In October 2004, the partners jointly entered into a Production Sharing Contract with Vietnam Oil and Gas Group (Petrovietnam) for Blocks 05-lb and 05-lc offshore southern Vietnam, and were awarded an investment license by the Vietnamese government.

Press Release, August 21, 2014