SPC secures new exploration block, offshore Cambodia


Gulf of Thailand - SPC Block B
(Click to Enlarge)
The Board of Directors of Singapore Petroleum Company Limited ("SPC" or the "Company") is pleased to announce that SPC through its wholly-owned subsidiary, SPC Cambodia Ltd (“SPC Cambodia”), has entered into an agreement for a 30% interest in the Block B Petroleum Agreement (“Block B”), offshore Cambodia, with the Royal Government of Cambodia represented by the Cambodian National Petroleum Authority.

The other joint venture participants in Block B are PTTEP International Limited who is the Operator with a 30% interest; Resourceful Petroleum Limited with a 30% interest and Cooper Energy Limited with a 10% interest.

Block B is located 250 kilometres off the coast of Cambodia to the east of the Thai-Cambodian Overlapping Claims Area, in the Gulf of Thailand. The block lies to the southeast of the Khmer Basin where a number of oil and gas discoveries have been made.

The three-year exploration programme will comprise the drilling of one exploration well and the acquisition of 200 square kilometres of 3D seismic data.

FINANCIAL IMPACT
The investment is not expected to have any material impact on the earnings per share and net tangible assets per share of the Company for the current financial year.

BACKGROUND
SPC is a regional oil and gas company with interest in oil and gas exploration and production, refining, terminalling and distribution, marketing and trading of crude and refined petroleum products. It is an associated company of Keppel Oil & Gas Services Pte Ltd, a wholly-owned subsidiary of Keppel Corporation Limited.
SPC Cambodia was incorporated in the British Virgin Islands for a cash consideration of US$750 as a new wholly-owned subsidiary of SPC Production Company Ltd, which in turn is a wholly-owned subsidiary of SPC.
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