Last year Texhoma acquired a 40% shareholding in the capital of Black Swan Petroleum Pty. Ltd. BSP holds a 100% interest in the exploration concession B7/38 offshore Thailand. Texhoma holds a 40% shareholding in BSP while Mr. Jacobs, Texhoma's Executive Chairman, is also President & CEO of BSP.
BSP has executed a contract with Transocean for the Trident 16 jackup. The rig is currently operating in the Gulf of Thailand and will be towed to the Hong Fah drilling location to commence drilling for BSP on February 25, 2005.
The Hong Fah-prospect will take approximately 16 days to drill and targets an estimated oil accumulation of 60 million barrels. This well is a follow up drilling location to the Shell Hong Fah-A01 well drilled in 1991 which had significant oil shows and 100 meters of gross pay. It is also within 10 miles of the proven oil accumulation Nang Nuan that was successfully produced by Shell. The Hong Fah-well is an appraisal of an existing discovery.
Following the drilling and possible testing of Hong Fah, the rig will be moved to the Khun Thong location some 10 miles to the north. The three horizons targeted by Khun Thong have a similar oil-target size as Hong Fah.
Both drilling locations are based on recently acquired 3D-seimic information which significantly reduces the drilling risk. The Company is excited about the prospect of testing the hydrocarbon potential of the concession after an investment of over $5 million and some seven years of work by BSP and its predecessor Devon Energy Corporation.
In addition to the upcoming wells, the exploration team of BSP has identified other prospects of world-class size that are targeted for testing towards the end of the year.
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