UK Firm Secures Exploration Extension for Two Blocks off Vietnam

(Credit: Pharos Energy)

U.K.-based Pharos Energy, an independent energy company with assets in Vietnam and Egypt, has secured two-year extension of the exploration period for two blocks located in moderate to deep waters offshore Vietnam.

The approval has been received from the Vietnamese government for the two-year extension of the exploration period, from November 2025 to November 2027) for Blocks 125 and 126 in the Phu Khanh Basin, north east of the Cuu Long Basin.

Pharos Energy was awarded blocks 125 and 126 as part of Production Sharing Contract (PSC) in 2017. The company holds 70% working interest, with SOCO Exploration as the operator.

According to the company, multiple structural and stratigraphic plays are observed on the existing 2D seismic data for the blocks. Interpretation of the available data indicates there is good potential for source, expulsion and migration of oil with numerous probable reservoir and seal intervals.

Namely, an independent report prepared by ERCE on Blocks 125 and 126 in Vietnam makes estimates of prospective oil resources with an aggregated gross unrisked mean of 13,328 MMstb, covering the prospects and leads already identified.

“We are pleased to have secured approval from the Vietnamese Government for the two-year extension of the Blocks 125 and 126 exploration period.

“This approval reflects the Government’s continued support as we progress our active discussions with potential farm-in partners and rig contractors to complete all necessary preparations ahead of drilling the commitment well on Block 125.

“We are committed to pursuing this exciting opportunity, and this extension allows us to retain optionality for the prospect to be drilled, whilst investing in near term production growth in our producing assets in Vietnam,” said Katherine Roe, Chief Executive Officer.