Delek Energy prepares for new Vietnam drilling

The new exploration drilling cost an estimated $16.5 million.

Delek Group Ltd. (TASE: DLEKG) subsidiary Delek Energy Systems Ltd. (TASE: DEOL) today announced that Premier Oil Vietnam Offshore BV began drilling the 12 W-CC-1X well at the Chim Cong (Peacock) concession in the offshore from Vietnam in the South China Sea. This is a new exploration drilling, and will cost an estimated $16.5 million, not including production tests.

Delek Energy owns 25% of Premier Oil Vietnam Offshore. Other partners are Premier Oil plc (LSE: PMO) and Santos, with 37.5% each. The company abandoned a well in the area last week.

Published by Globes [online], Israel business news - - on July 15, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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