Carnarvon told EnergyReview.net that its original application had been lodged around two years ago but now the Thai Department of Minerals and Fuels has confirmed that a signing ceremony is imminent to formalise the award.
The Block covers 3935sqkm and encompasses all of the southern part of the Wichian Buri sub-basin portion of the Phetchabun Basin. L44/43 surrounds the 8sqkm of the existing producing areas of the Wichian Buri Oil Field in Production Licenses I and II (PL I and PL II). To date 580,000 barrels of oil has been produced from PL I and PL II.
Oil appears ubiquitous in the Wichian Buri sub-basin and, by extension, is expected throughout L44/43. The area is fairly under-explored and to this point in time only 19 wells have been drilled in the Wichian Buri sub-basin. However, all 15 wells drilled on valid structures have found oil or gas.
Block L44/43 has both existing oil and gas discoveries with current production as well as exploration potential.
In addition to the Wichian Buri Oil Field, L44/43 encompasses the existing oil discoveries at the producing Si Thep Oil Field and the Na Sanun Oil Field as well as the gas discovery at Bo Rang. Consideration is currently being given to develop the Bo Rang Gas Field for the local energy market and both Si Thep and Na Sanun have adjoining structures with potential for further discoveries.
Upon award of Block L44/43 the Joint Venture partners will embark on the committed work program that will include seismic acquisition as a prelude to exploration and development drilling.
Planning of a drilling program is underway between the JV partners. The drilling is planned to include an out-step well to the north of PL I/II, which will enable the JV to apply for a new and larger production licence, PL III, encompassing the northern part of the field. This will allow extensive drilling to enable production from Wichian Buri of the entire remaining proved reserve of 10.2 MMBO.
Carnarvon will hold a 40% interest in L44/43 and the Pacific Tiger the remaining 60% and will act as operator.
