OREANDA-NEWS. January 16, 2008. VRJ Petroleum Company, the joint operating company founded for petroleum operations in Block 09-3 (Zarubezhneft’s share in the project – 50%), declares Commercial Discovery in the Block, the press service of Zarubezhneft reports.

Block 09-3: The Block is located offshore Vietnam, about 135 km south-east of Vung Tau City. The Block covers about 3 300 km2. The water depth is around 50 m.

Contract Parties: Zarubezhneft JSC (50%), PVEP Corporation (Petrovietnam Exploration Production Corporation) (35%) - Vietnam, Idemitsu Cuu Long Petroleum Co., Ltd. (15 %) - Japan.

Three exploration and appraisal wells have been drilled on the Doi Moi structure that showed oil presence. Maximum oil rate of well 09-3DM-2X drilled in 2006 is 4 150 bbls of oil per day. Based on the reserve assessment and economical evaluation works, the Management Committee of Block 09-3 declared Commercial Discovery in December of 2007.