Murphy Oil Drills Successful Hai Su Vang-2X Appraisal Well Offshore Vietnam, Expands Resource Potential Beyond 430 MMBOE

Murphy Oil Corporation (NYSE:MUR) today announced that its subsidiary has successfully drilled the Hai Su Vang-2X (HSV-2X) appraisal well in Block 15-2/17 in the Cuu Long Basin, located approximately 40 miles offshore of Vietnam. The well spud in early October 2025 and marks a major milestone in Murphy's strategic appraisal campaign for the Hai Su Vang (Golden Sea Lion) field.

The HSV-2X well was drilled to appraise the 2025 Hai Su Vang discovery, where the initial discovery well encountered approximately 370 feet of net oil pay across two reservoirs. The HSV-2X well encountered 429 feet of net oil pay across the same two reservoirs, including 332 feet of net oil pay in the deeper primary reservoir and 97 feet of net oil pay in the shallow reservoir.

Within the primary reservoir, the HSV-2X appraisal well deepened the proven oil-down-to by 413 feet without encountering water, extending the total hydrocarbon column to approximately 1,600 feet. Formation evaluation supports reservoir continuity to the HSV-1X discovery well. The primary reservoir achieved a production rate of 6,000 barrels of oil per day during flow testing of the appraisal well. The well produced high-quality, 37-degree API oil which is consistent with the results from the discovery well. Further testing is ongoing.

These results confirm Hai Su Vang as a significant discovery and inform an updated range of recoverable resources for the field. The updated midpoint of recoverable resources for the primary reservoir is towards the high end of our previously communicated range of 170 to 430 MMBOE and the high end of the new range now exceeds 430 MMBOE. Additionally, results from the shallow reservoir provide recoverable resource upside not included in the previously communicated range. Additional appraisal wells are necessary to further refine the range of recoverable resources for both reservoirs.