PTTEP Updates on Appraisal Drilling in Block M3 in Myanmar

Thailand's PTT Exploration and Production Public Company Limited provided an update Thursday on appraisal drilling by its wholly owned unit PTTEP International Limited (PTTEPI) at Block M3 in the Gulf of Martaban in Myanmar.

PTTEPI, as field operator, found gas in four appraisal wells - Aung Sinkha-3, Aung Sinkha-4, Aung Sinkha-5 and Aung Sinkha-6 - in exploration block M3.

Flow tests were conducted and resulted in gas flow rates of approximately 34.5 million standard cubic feet per day (MMscf/d), with associated condensate flow rates of approximately 195 barrels per day (bpd) for the Aung Sinkha-3 well. The Aung Sinkha-5 well showed gas flow rates of approximately 9 MMscf/d, while the Aung Sinkha-6 well indicated gas flow rates of approximately 14 MMscf/d and also had associated condensate flow rates of approximately 1,820 bpd. There was however no gas flow at Aung Sinkha-4 well despite gas discovery in the reservoir because the equipment for acidizing limestone reservoirs could not be prepared since this was the first well of campaign.

"PTTEPI plans to conduct additional drilling of appraisal wells in 2014 for potential development and production from the Aung Sinkha field," PTTEP said in an announcement on the Stock Exchange of Thailand.

PTTEPI holds 80 percent participation interest in exploration Block M3, while the divestment of 20 percent participation interest in the block M3 to Mitsui Oil Exploration Co., Ltd (MOECO) is awaiting the official approval from the government of Republic of the Union of Myanmar.

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