KrisEnergy Buys Mubadala's Stake in Block G3/48 in the Gulf of Thailand
KrisEnergy Ltd. (KrisEnergy or the Company), an independent upstream oil and gas company, disclosed Tuesday that its wholly owned subsidiary, KrisEnergy (Gulf of Thailand) Ltd, has acquired from Mubadala Petroleum a 60 percent working interest in Block G3/48 in the Gulf of Thailand. The agreement, which includes the transfer of operatorship to KrisEnergy, is pending approvals by the government of the Kingdom of Thailand and Block G3/48 partners.
Once approvals have been received, KrisEnergy will hold a 60 percent working interest in G3/48 and will be the operator. The other partners are Tap Energy (Thailand) Pty Ltd with 30 percent and Northern Gulf Oil (Thailand) Company Ltd. with 10 percent.
G3/48 covers 1,126 square miles (2,917 square kilometers) in shallow waters of less than 66 feet (20 meters) up to 164 feet (50 meters) in the northern area of the Gulf of Thailand. Running from north to south, the exploration block stretches across sections of five separate Tertiary basins: Hua Hin Basin, North Sattakut Basin, South Sattakut Basin, Kra Basin and Western Basin.
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