Murphy Oil Corporation Achieves Appraisal Success at Hai Su Vang Field, Unlocking Significant Resource Upside

Murphy Oil Corporation (NYSE: MUR) has announced a considerable milestone for its operations in Vietnam with the successful drilling of the Hai Su Vang-2X (HSV-2X) appraisal well in Block 15-2/17. Located approximately 40 miles offshore in the Cuu Long Basin, this achievement signifies a major advancement in Murphy's strategic appraisal campaign for the Hai Su Vang (Golden Sea Lion) field.

The HSV-2X well was initiated in early October 2025, aimed at appraising the significant 2025 discovery at the Hai Su Vang field. Initial findings from the discovery well estimated around 370 feet of net oil pay, while the HSV-2X well has surpassed expectations by encountering 429 feet of net oil pay across the same two reservoirs. Notably, this includes 332 feet of net oil pay within the deeper primary reservoir and 97 feet in the shallower reservoir.

The appraisal well deepened the proven oil-down-to by an impressive 413 feet without encountering water, elevating the total hydrocarbon column to approximately 1,600 feet. This finding was corroborated by formation evaluations which indicate reservoir continuity with the previously drilled HSV-1X discovery well. During flow testing, the primary reservoir yielded a production rate of 6,000 barrels of oil per day, with the well producing high-quality oil with a 37-degree API, consistent with earlier results from the discovery well.

The positive results from the HSV-2X well have led Murphy to update its estimates for recoverable resources in the Hai Su Vang field. The updated midpoint of recoverable resources for the primary reservoir is now positioned towards the higher end of the previously communicated range of 170 to 430 million barrels of oil equivalent (MMBOE), with the new high end exceeding 430 MMBOE. Additionally, the shallow reservoir has presented recoverable resource potential that was not previously accounted for, indicating further upside for the field.

Eric Hambly, President and Chief Executive Officer of Murphy Oil Corporation, expressed enthusiasm regarding these developments. “This is a pivotal moment for our Vietnam business,” Hambly stated. “The success of HSV-2X not only reinforces the commerciality of the Hai Su Vang field but also sets the stage for a robust development program.”

Following the completion of the HSV-2X operations, Murphy Oil plans to continue its strategic appraisal campaign, which will include further delineation of the field and evaluation of additional reservoir intervals. Upcoming appraisal wells, HSV-3X located in Block 15-1/05, and HSV-4X in Block 15-2/17, are part of this ongoing initiative. Murphy has reaffirmed its capital expenditure guidance of $1.1 billion to $1.3 billion for the year 2026, indicating a strong commitment to its growth strategy in Vietnam.

Murphy Oil's subsidiaries, Murphy Cuu Long Tay Oil Co., Ltd. and Murphy Cuu Long Bac Oil Co., Ltd., operate Blocks 15-2/17 and 15-1/05, holding a 40 percent working interest in each. Collaborators on these blocks include PetroVietnam Exploration Production Corporation Ltd. with a 35 percent interest and SK Earthon Co., Ltd. holding the remaining 25 percent. The collaborative framework reflects Murphy's dedication to working closely with its partners and the Vietnamese government to maximize the asset's potential.

With the successful appraisal of the Hai Su Vang field, Murphy Oil Corporation is poised to enhance its operational footprint in Vietnam significantly. This achievement not only solidifies the commercial viability of the field but also sets the stage for future growth and resource extraction in the region, underlining Murphy's commitment to creating long-term shareholder value through strategic exploration and development initiatives.