VIETNAM'S 2007 BIDDING ROUND

Vietnam Oil & Gas Group (PetroVietnam) would like to announce the 2nd international bidding round for open blocks in Song Hong Basin, offshore northern Vietnam. Seven (7) blocks, named 105-110/04,111/04,114,115,116,120 and 121, covering an area of approx. 50,000 sq. km, average 60 to 100 m water depth and the distance to shore is between 50 and 100 km, with a volume of over 30,000 km 20 seimic lines acquired and 5 wells drilled, are offered under widely competitive tendering basis.

The main exploration targets of the area are Oligocene-Miocene shallow marine sediments, Miocene-Pliocene turbidites and Miocene carbonates. Recent studies show that the hydrocarbon potential of these blocks may reach 5 billions oil-equivalent barrels. They are the most in the list of petroleum investment promotion projects which are encouraged by the Vietnam's Government and which apply incentive economic and contractual terms.

The bidding round shall be officially launching on 11th June 2007 with the timing framework is as follows:

• Data Review: 11/6 - 20/7/2007 in Ha Noi
• Bid Submission Deadline: 12.00 on 21/09/2007
• Award Notice: October 2007

To register for data review and more information, please contact:

Dr. Hoang Ngoc Dang, Exp. Hoang Van Hoa,

Exp. Trinh Quoc Trinh, Exp. Pham Thanh Son,

General Manager, Exploration Division

Tel: +844 825 2526 / 479, 481, 483

Fax: +844 826 5942

Email: round2007@hn.pv.com.vn