KrisEnergy close to concept selection for offshore Thailand project

KrisEnergy Management has agreed to pay Mubadala Petroleum $102.5 million for its subsidiary MP G10 (Thailand), which has a 75% operated interest in the G10/48 license in the Gulf of Thailand.

May 22nd, 2014

Offshore staff

SINGAPORE – KrisEnergy Management has agreed to pay Mubadala Petroleum $102.5 million for its subsidiary MP G10 (Thailand), which has a 75% operated interest in the G10/48 license in the Gulf of Thailand.

In 2009KrisEnergy secured a 25% stake in the 4,696-sq km (1,813-sq mi) license in the southern section of the Pattani basin in water depths of up to 60 m (197 ft).

The acreage contains three oil discoveries - Wassana, Niramai, and Mayura - in various stages of development or appraisal. Netherland, Sewell & Associates estimates potential resources at 19.6 MMbbl of oil.

Keith Cameron, KrisEnergy’s CEO, said: “We have been have been building our technical resources in Bangkok and in Singapore and we now have a team in place covering all aspects of the Wassana development fromgeology and geophysics, reservoir engineering, project engineering, and drilling to expedite the production of Wassana oil.”

The company plans to submit a production area application later this year, and anticipates first production during the second half of 2015, peaking at 10,000 b/d of oil. During the first phase of development 12-14 wells could be drilled.

Chris Gibson-Robinson, director exploration & production, added: “We have additional contingent resources from the Niramai and Mayura oil discoveries, which we will review, and there are further prospects and leads.”

05/21/2014

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