Thailand Block L45/50 Farm-out Agreement
"Mitra Energy Limited is pleased to announce an agreement with Pan Orient Energy (Siam) Limited (“POES”) to farm-in to Thailand Block L45/50. POES will earn up to a 60% working interest and operate, in exchange for the acquisition of approximately 80 km² of 3D seismic data in late Q1/2013 followed by the drilling of up to two exploration wells. The farm-in is subject to approval by the Government of Thailand, which is anticipated in approximately 90 to 120 days.
Mitra has held 100% operating interest in the Concession for onshore Block L45/50 since award in 2008. The block covers an area of 2,000 km² extending from the west of Bangkok to Suphanburi in the northwest. The area is equivalent to 86 Gulf of Mexico or 8 Central North Sea blocks. The concession is subject to a tax-royalty system that represents the most attractive fiscal terms in South East Asia.
Located in the southern part of the Chao Phraya Basin, the block contains parts of two separate sub-basins: known as the Thon Buri and Suphanburi Sub-Basins. The Suphanburi Sub-Basin has been producing oil from Tertiary sandstone reservoirs since 1990. The main part of this sub-basin lies in PTTEP-held blocks immediately to the northwest of Block L45/50. These blocks have seen a
new round of exploration in the last three years which includes the drilling of several exploration wells and the first acquisition of 3D seismic data.
Exploration in Block L45/50 to date has focused mainly on the Thon Buri Sub-Basin for sandstone targets of Oligocene or Miocene age. In late 2009 to early 2010, Mitra carried out 2D and 3D seismic surveys over several leads in this sub-basin in the area to the west and northwest of Bangkok. An exploration well, Thawi Wattana-1X (TW-1X), targeting an oil prospect in the west of the Bangkok Metropolitan Area was drilled in April 2012. The well reached TD at 2488.5m MD and was subsequently P&A.
Further exploration work will focus on that part of the oil-productive Suphanburi Sub-Basin that lies in the northwest corner of the block.
Founded in 2005, Mitra Energy Limited ('Mitra') took its name from an ancient word that conveys the spirit of the company."
I can find no financial data, so it must be a private company. POE was going to run a 3D on their adjacent property anyway in Q1 2013. 2D already shows large structures. The 3D will now simply be extended.
Too bad about Geulis, but at least they did not spend 6 months and a fortune there. We now go back to Cataca and Jetayu.