PTTEP Hoan Vu Ltd and PTTEP Hoang Long Ltd, two subsidiaries of PTT Exploration and Production in Vietnam found oil and natural gas during preliminary exploration drilling.
PTTEP holds 25% and 15% stakes in mentioned subsidiaries placed east of the port city of Vung Tau.
Preliminary results showed that one area has an oil flow rate of 250 barrels per day, while the other has an oil flow rate of around 2,500 barrels per day and 6.6 million cubic feet per day of natural gas.
Although positive drilling test results announced shares of PTTEP closed unchanged.
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