Murphy Oil Corporation announced that its subsidiary has completed the Hai Su Vang-2X appraisal well in Block 15-2/17 in the Cuu Long Basin, approximately 40 miles offshore Vietnam. The well was spudded in early October 2025 and forms part of Murphy’s appraisal program for the Hai Su Vang field.
The HSV-2X well was drilled to evaluate the 2025 Hai Su Vang discovery, where the initial discovery well identified around 370 feet of net oil pay across two reservoirs. The appraisal well encountered 429 feet of net oil pay across the same reservoirs, including 332 feet in the deeper primary reservoir and 97 feet in the shallower reservoir.
In the primary reservoir, the appraisal well extended the proven oil-down-to by 413 feet without encountering water, increasing the estimated hydrocarbon column to approximately 1,600 feet. Reservoir analysis indicates continuity between the appraisal well and the original discovery well. Flow testing from the primary reservoir achieved production rates of 6,000 barrels of oil per day, producing 37-degree API oil consistent with earlier results. Additional testing is ongoing.
Based on these findings, Murphy has updated its assessment of recoverable resources for the field. The midpoint estimate for the primary reservoir now sits toward the upper end of the previously stated range of 170 to 430 million barrels of oil equivalent, with the upper end of the revised range exceeding 430 million barrels of oil equivalent. Results from the shallow reservoir also indicate additional resource potential not included in earlier estimates.
Murphy plans to continue appraisal activities with the HSV-3X well in Block 15-1/05 and the HSV-4X well in Block 15-2/17. Both wells are included in the company’s capital program, and Murphy has reaffirmed its 2026 capital expenditure guidance of $1.1 billion to $1.3 billion.
Murphy subsidiaries operate both blocks with a 40 percent working interest in each. PetroVietnam Exploration Production Corporation holds a 35 percent interest, and SK Earthon holds the remaining 25 percent.
