Murphy's Vietnam Huge Oil Discovery relevant for Pharos?27 Mar 2026 14:15
Check out page 16 of Murphy's recent Vietnam discovery presentation. It suggests large oil discoveries and prospects just across the border from the Block 16-1 TGT block.
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Murphy are guiding to the top end of the range for the Golden Sea Lion (HSV) discovery of ~400 MMBL of oil in Block 15-2. They are currently drilling 2 more exploration wells (3x and 4x), including one in the SW of the block close to Pharos 16-1 block - Murphy expect results by mid-year.
Murphy's success has come from drilling deeper in the Oligocene (the January 2026 press release mentions 1500ft gross reservoir, and 300-400 ft of net pay) and even into the Eocene, with HSV 2x yet to find the oil-water contact. Drill stem tests flowed ~10,000 bpd. These results would appear to derisk the deeper Oligocene charge retention and seal risk across the central basin fairway, not just in Murphy's block. The wells demonstrate extensive Oligocene sand fairways, excellent vertical oil columns (1600ft gross), and robust top seal and fault seal integrity in the Cuu Long.
To dampen some of the blue sky upside for Pharos, Block 16-1 would appear to have smaller fault blocks, higher fault complexity, and possibly thinner oligocene sands. But potential deeper Oligocene prospects, notably at H-1 of the order of 20 MMBL (near doubling current gross 2p reserves?) could be very realistic and interesting from an exploration standpoint. With existing platforms, the cost to development would be very capital efficient.
I'd be curious as a shareholder to see if Pharos management are reinterpreting their current geologic data for Murphy's exciting well results, or are they asleep at the wheel to the goldmine that may lay below their existing producing horizons? Either way, Murphy's exploration well in the SW of Block 15-2 should provide a good catalyst to Pharos share price.
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