MEO Australia Limited updated on the shallow water G2/48 concession in the northern Gulf of Thailand, with the company reporting that an initial assessment of key prospects and plays has been completed following drilling of the Sainampueng-1 well in December 2012.
"The assessment has taken into account the thicker Oligocene section encountered in Sainampueng-1 which has the potential for a better than expected reservoir and interbedded oil prone source in the basin. This, together with the post drill re-mapping of the horizons has significantly increased the size of the Tertiary age prospects," MEO said in a press release.
The Australia-based company added that a new pre-Tertiary age play has been identified in the basin which is analogous to proven fields elsewhere in the Gulf of Thailand. Both of these plays can be readily advanced to drillable prospect status with existing 3D seismic data.
The estimated prospective resources for the G2/48 concession in million stock tank barrels (MMstb) are:
Meanwhile, MEO has commenced a partial sale process for up to 25-50 percent equity in G2/48 Concession prior to the drilling of one well in 2014.
Mubadala Petroleum is the operator of the 1,822 square miles (4,720 square kilometers) concession, with a 50 percent participating interest, while MEO's wholly owned unit Rayong Offshore Exploration Limited holds the remaining 50 percent interest.
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