May. 2012 - Premier has completed an extensive assessment of exploration opportunities remaining in Block 07/03 and of the commercial potential of the CRD oil and gas/condensate discovery, including whether additional appraisal drilling is required. The JV participants are considering future drilling plans based on the results of this work. At least one exploration well is required to be drilled as a commitment well prior to the end of November 2013.

Jan. 2012 - Pan Pacific Petroleum is continuing to assess the potential of a commercial development of the CRD oil and gas/condensate discovery offshore Vietnam. The operator is deciding whether to further appraise the area or commence development plans. A decision is expected around the end of 1Q 2012, stated the company. In addition to the CRD discovery, Block 07/03 also contains several large undrilled exploration prospects which will be matured with the aim of establishing an exploration drilling program, subject to the approval of JV participants. The Ca Rong Do field is located on Block 07/03 in the prospective Nam Con Son Basin offshore Vietnam.

Aug. 2011 - Premier Oil is integrating data from the CRD appraisal and sidetrack well with the CRD-1X discovery information to determine the feasibility of a commercial development, and whether additional appraisal drilling is necessary. Preliminary estimates of the range of potentially recoverable oil resources in the CRD structure is 20-60 MMbbls gross. However, the company will gather additional data to verify these numbers. The Ca Rong Do field is located on Block 07/03 in the prospective Nam Con Son Basin offshore Vietnam. Premier operates Block 07/03, holding a 30% interest. Partners on the block include Vietnam American Exploration Company (40%), PearlOil (15%), PetroVietnam (10%), and PPP (5%).

Apr. 2011 - Premier Oil will plug and abandon the CRD-2X well after completing the CRD-2X-ST appraisal well in Block 07/03 offshore Vietnam. The operator will undertake further studies to determine the feasibility of Ca Rong Do’s commerciality. The well results are encouraging, stated Premier, because the strong flows from the Oligocene sands have provided important information that will assist in the assessment of the resource potential of the CRD structure. CRD-2X reached a total depth of 12,418 feet (3,785 meters) below rotary table, and following evaluation of the section by logging, drill stem tests of two reservoir zones in the Oligocene section were conducted. The first zone tested flowed gas and condensate at rates of 9.7 MMcf/d and 870 bopd, respectively, through a 56/64-inch choke. The total net condensate/gas pay in the well was 236 feet (72 meters), an increase compared with the 56 feet (17 meters) of net pay penetrated in the Oligocene section in the up-dip CRD-1X well. CRD-2X was sidetracked to further evaluate the distribution of hydrocarbons in the Miocene sands. This sidetrack well reached its planned total depth of 10,958 feet (3,340 meters) BRT in the Miocene section and intersected 60 feet (18.3 meters) of net oil pay in the Miocene sands. This compares with 113 feet (34.4 meters) of net oil pay intersected in the Miocene section in the up-dip CRD-1X well, and 12.5 feet (3.8 meters) in the down-dip CRD-2X well. The well signals the completion of the current phase of drilling in Block 07/03. The Ocean General semisub will now mobilize to Indonesia to drill two exploration wells on the Tuna PSC. The Ca Rong Do field is located on Block 07/03 in the prospective Nam Con Son Basin offshore Vietnam. Premier operates Block 07/03, holding a 30% interest. Partners on the block include Vietnam American Exploration Company (40%), PearlOil (15%), PetroVietnam (10%), and PPP (5%).

Apr. 2011 - Premier has reached total depth on its Ca Rong Do-2X appraisal well in Block 07/03 offshore Vietnam. Drilled to a depth of 12,418 feet (3,785 meters), the well was deepened from the preliminary TD of 10,200 feet (3,109 meters) to evaluate the Oligocene sands. The operator then conducted two drill stem tests in this section: the first zone flowed gas and condensate at rates of 9.7 MMcf/d and 870 bopd through a 40/64-inch choke; the second zone flowed gas and condensate at rates of 17 MMcf/d and 1,730 bopd through a 56/64-inch choke. The test results from the Oligocene section provide further exploration upside across the area, stated the operator. The well will now be sidetracked to further evaluate the distribution of hydrocarbons in the Miocene sands. The Ca Rong Do field is located on Block 07/03 in the prospective Nam Con Son Basin offshore Vietnam. Premier operates Block 07/03, holding a 30% interest. Partners on the block include Vietnam American Exploration Company (40%), PearlOil (15%), PetroVietnam (10%), and PPP (5%).

Mar. 2011 - Premier Oil Vietnam announced that the CRD-2X appraisal well has reached the planned total depth of 10,200 feet (3,109 meters). The operator is performing logging operations to fully evaluate the objective section, and the pending results will determine whether further operations will be undertaken. The Ca Rong Do field is located on Block 07/03 in the prospective Nam Con Son Basin offshore Vietnam. Premier operates Block 07/03, holding a 30% interest. Partners on the block include Vietnam American Exploration Company (40%), PearlOil (15%), PetroVietnam (10%), and PPP (5%).

Feb. 2011 - Premier Oil has advised that the Ocean General semisub spudded the CRD-2X appraisal well on February 10. The well is being drilled in a water depth of 1,033 feet (315 meters) with a planned total measured depth of about 10,171 feet (3,100 meters) below rotary table. The well is designed to reduce uncertainty in whether the CRD structure contains sufficient volumes to support a potential development. Block 07/03 spans 1.2 million acres (4,915 square kilometers) in the prospective Nam Con Son Basin, and is adjacent to block 12W which contains the Chim Sao and Dua oil fields. Premier operates Block 07/03, holding a 30% interest. Partners on the block include Vietnam American Exploration Company (40%), PearlOil (15%), PetroVietnam (10%), and PPP (5%).

Feb. 2011 - Premier Oil Vietnam reported that the Ocean General semisub is on location in Block 07/03 and is preparing to commence drilling of the CRD-2X appraisal well. The CRD-2X well will evaluate the oil and gas discovery made by well CRD-1X on the Ca Rong Do prospect in June 2009. The well is designed to reduce uncertainty in whether the CRD structure contains sufficient volumes to support a potential development. Block 07/03 spans 1.2 million acres (4,915 square kilometers) in the prospective Nam Con Son Basin, and is adjacent to block 12W which contains the Chim Sao and Dua oil fields. Premier operates Block 07/03, holding a 30% interest. Partners on the block include Vietnam American Exploration Company (40%), PearlOil (15%), PetroVietnam (10%), and PPP (5%).

Jan. 2011 - Premier Oil Vietnam plans to spud an appraisal well in Block 07/03 offshore Vietnam within the next few weeks, announced partner Pan Pacific Petroleum. The CRD-2X appraisal well will evaluate the oil and gas discovery made by well CRD-1X on the Ca Rong Do prospect in June 2009. The discovery well encountered about 295 feet (90 meters) of net pay comprising both oil and gas within multiple stacked reservoir layers. Two of these reservoir zones were tested and flowed oil at a combined rate of 3,625 barrels of oil per day plus 8.1 MMcf/d of natural gas through a 48/64-inch choke. Water was not produced from either zone. The appraisal well is designed to reduce uncertainty on whether the CRD structure holds sufficient volumes for a potential development. Block 07/03 spans 1.2 million acres (4,915 square kilometers) in the prospective Nam Con Son Basin, and is adjacent to block 12W which contains the Chim Sao and Dua oil fields. Premier operates Block 07/03, holding a 30% interest. Partners on the block include Vietnam American Exploration Company (40%), PearlOil (15%), PetroVietnam (10%), and PPP (5%).

Jul. 2010 - Pan Pacific Petroleum received the necessary approvals to acquire a 5% interest in the Block 07/03 Production Sharing Contract from Premier Oil Vietnam South. Under the terms of the original farm-out agreement with POVS, PPPV agreed to acquire 15% equity in the block by funding part of POVS' costs of the Ca Rong Do discovery well, CRD-1. However, under the terms of the Petroleum Law in Vietnam and the Block 07/03 Production Sharing Contract, PetroVietnam exercised its right of pre-emption to the extent of 10% of the proposed 15% farm-out interest. Block 07/03 spans 1.21 million acres (4,915 square kilometers) offshore Vietnam in the southern Nam Con Son Basin, and is adjacent to Block 12W, containing the Chim Sao and Dua oil fields. Currently, planning is underway to drill an appraisal well in the fourth quarter of 2010 or the first quarter of 2011.

Jul. 2009 - PPP reported that the Premier Oil-operated Ca Rong Do (Red Emperor) exploration discovery well, within Block 07/03 Production Sharing Contract, offshore Vietnam, was plugged and abandoned. The discovery of oil and gas is very encouraging; evaluation of an appraisal of the Ca Rong Do discovery will follow the results of the 3D Seismic Survey. A second exploration well, which is a commitment under the terms of the PSC, is planned in 4Q 2009. Block 07/03 covers 1,214,523 acres (4,915 km2) in the prospective Nam Con Son Basin, and is adjacent to block12W which contains the Chim Sao and Dua Oil Fields.

Jul. 2009 - PPP confirmed that operations at the Premier-operated Ca Rong Do (Red Emperor) exploration discovery well within Block 07/03 Production Sharing Contract, offshore Vietnam, are currently under way to plug and abandon the well. The well encountered oil and gas shows while drilling and the results of logging established approximately 295 feet (90 meters) of net pay comprising both oil and gas within multiple stacked reservoir layers. It is now planned to conduct a 3D seismic survey to define the resource potential of the Ca Rong Do discovery and adjacent structures, and to determine future exploration and appraisal activity.

Jun. 2009 - Premier completed drill stem testing of the Ca Rong Do discovery well on Block 07/03, offshore Vietnam. the Ca Rong Do well was drilled to a total depth of 12,500 feet (3,810 meters) BRT and has intersected approximately 295 feet (90 meters) net oil and gas pay within multiple stacked reservoir layers. Two of these reservoir zones have now been tested. The zones tested flowed oil at a combined rate of 3,265 bopd plus 8.1 MMcf/d, through a 48/64-inch choke. No water was produced from either zone. Ca Rong Do is located on block 07/03, which spans 1,215 acres (4,915 km2) in the Nam Con Son Basin.

Jun. 2009 - PPP reported that the Ca Rong Do (Red Emperor) exploration well within Block 07/03 Production Sharing Contract, offshore Vietnam, has been drilled to TD of 12,500 feet (3,810 meters) having intersected the target intervals. The well spudded on May 6, 2009 using the semisubmersible drilling unit Hakuryu-5. The well encountered oil and gas shows while drilling and the results of logging with the Modular Dynamic Tester (MDT) and other wireline tools have established approximately 295 feet (90 meters) net pay comprising both oil and gas within multiple stacked reservoir layers. Operations are now under way to carry out a Drill Stem Test to evaluate the flow potential of the two most prospective oil reservoir intervals.

Jun. 2009 - PPP reported that the Cá Rồng Đỏ (Red Emperor) exploration well within Block 07/03 Production Sharing Contract, offshore Vietnam, was drilled to TD of 12,500 feet (3,810 meters) having intersected the targeted intervals. Drilling encountered oil and gas from several sands. Block 07/03 spans 1,214,523 acres (4,915 km2) in the prospective Nam Con Son Basin.

Jun. 2009 - The Ca Rong Do exploration well (07-CRD-1X) on Block 07/03 offshore Vietnam was drilled to TD of 12,500 feet (3,810 meters), having intersected the target intervals. Spudded on May 6, 2009 using the semisubmersible drilling unit Hakuryu-5, the well encountered oil and gas. Drilling and wire line logging then commenced to determine the net pay and nature of the hydrocarbons.

May. 2009 - PPP reported that the Ca Rong Do (Red Emperor) well, located on Block 07/03 Offshore Vietnam, was at a measured depth of 6,713 feet (2,046 meters) BRT and had set the 13 3/8-inch casing. The operation is awaiting the repair of the rig’s mud pump modules following the drilling of the 12 1/4-inch hole. The well spudded on May 6, 2009 and is being drilled using the semisubmersible drilling unit "Hakuryu-5" in a water depth of 1,047 feet (319 meters). The well has a planned TD of approximately 13,156 feet (4,010 meters) BRT.

May. 2009 - On May 7, the Hakuryu V semisub drilled an exploration well on Block 07/03 to evaluate the Ca Rong Do prospect (originally referred to as Red Emperor) offshore Vietnam. The well, 07-CRD-1X, is located in a water depth of 1,047 feet (319 meters) and lies between the Nam Con Son Basin hydrocarbon fields to the north and the East Natuna Basin discoveries to the south. A second well on the block should be drilled in the last quarter of 2009.