Tap Oil Confirms Participation at Sri Trang-1 Well in Thailand
Tap Oil Limited’s board has approved Tap’s participation in the Sri Trang-1 exploration well in the Reservation Area of the G1/48 Concession in the Northern Gulf of Thailand.
Mubadala Petroleum, operator of the G1/48 Reservation Area Concession, expects drilling to commence at Sri Trang-1 in mid-May. The well objective is to evaluate the primary Middle Miocene lacustrine sands target with secondary targets of Late Miocene fluvial sands. A valid test of the primary objective Middle Miocene sands is “essential”, according to Tap, as it will “validate the hydrocarbon prospectivity of the Northern Kra basin and de-risk dependent prospects immediately to the West of Sri Trang-1”.
The well will be be drilled in shallow water to approximately 8,497 feet and is expected to take ten days to complete. The outcome of the well will determine the development scenario. Tap’s share of the expected well cost is $1.02 million. Providing the well comes in on budget, Tap will not be required to contribute any further cash for the well.
In addition to confirming its participation on the Sri Trang-1 exploration well, Tap revealed that it has executed an amended facility agreement with BNP Paribas and Siam Commercial Bank (BNP Facility).
The current outstanding balance of the BNP Facility is $25 million. At current oil prices, Tap expects the outstanding balance of the BNP Facility at December 31 to be $9 million and the cash position to be approximately $7 million.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension