The government is denying reports that the South Korean oil tanker hijacked Sunday by Somali pirates in the Indian Ocean has entered the hijackers’ base.

A government official said Tuesday the hijacked ship, the “Samho Dream,” would not have had time to reach the pirates’ headquarters in Somalia, citing its slow speed.

The official says the South Korean destroyer “Yi Sun-sin,” which started chasing the pirates shortly after it was hijacked, is closely watching the pirates and the crude oil tanker.

He said the warship stands ready to take action if the South Korean Foreign Ministry emergency response team makes a decision in regards to the rescue of the ship and its crew. However, he declined to reveal the specifics, citing the sensitivity of the matter.

The pirates have told Reuters news agency earlier in the day that the “Samho Dream” was headed for Haradheere Port in Somalia, where the pirates' base is located.

The Korean oil tanker is reportedly carrying cargo worth some 170-million dollars.