PetroWorld Starts Gulf of Thailand Drilling Operations

LONDON, Jul 25, 2005 (Dow Jones Commodities News via Comtex)

PetroWorld Corp said Monday that it has commenced drilling operations in the Gulf of Thailand.

The company said it has started drilling operations in Block G5/43, located in the Gulf of Thailand using the ENSCO 57 jackup rig.

Two wells, Bua Ban-2 and Bua Ban-3 will be drilled on the Bua Ban structure, one of several prospects that were originally drilled by Premier Oil plc between 1988-1996 and discovered oil in the Lower Oligocene section.

Drilling operations will be conducted by NuCoastal (Thailand) Limited, operator of the block, and will attempt to verify the extent of the original discovery in terms of potential recoverable reserves.

The wells will be drilled deviated from a single surface location, with total measured depths expected to be approximately 9,570 ft and 9659 ft., respectively, and drilling of both wells is estimated to take 30 days to drill and test.

PWC acquired a 50% equity interest in Block G5/43 by contributing $5 million towards the drilling and testing of the two appraisal wells.

Costs in excess of this contribution will be met 50:50 by PetroWorld and NuCoastal (Thailand) Limited.

Copyright (c) 2005 Dow Jones & Company, Inc.

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