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JX, PetroVietnam Discover Natural Gas, Condensate in Vietnam Test-Drilling

JX Holdings Inc.’s exploration unit and Vietnam Oil & Gas Group discovered natural gas and condensate while test drilling a block offshore from Vietnam.

The companies will continue to evaluate the commercial viability of the block, known as 16-2, JX Nippon Oil and Gas Exploration Corp. said today in a statement. The block is located about 120 kilometers (75 miles) off the southern coast of Vietnam, the company said.

JX Holdings shares rose 2.3 percent to close at 576 yen on the Tokyo Stock Exchange after the exploration unit announced the gas discovery. The Nikkei 225 Stock Average fell 0.2 percent.

State-owned Vietnam Oil, known as PetroVietnam, has a 45 percent stake in the block through an exploration subsidiary, while JX Exploration unit holds 40 percent and Joint Venture Vietsovpetro owns 15 percent, according to the filing.

To contact the reporters on this story: Tsuyoshi Inajima in Tokyo at tinajima@bloomberg.net; Yuji Okada in Tokyo at yokada6@bloomberg.net.

To contact the editor responsible for this story: Amit Prakash in Singapore at aprakash1@bloomberg.net;

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