With respect to participation in larger scale projects in SE Asia, one onshore block (L20/50) and one offshore block (G3/50) has been applied for in the 20th Bid Round in Thailand in partnership with other well known and respected explorers, namely Carnarvon Petroleum NL in the case of L20/50 and Adelphi Energy Limited in the case of G3/50.
Stemming from the applications made mid July 2007 and mid August 2007 respectively and presentations to government, the Company has recently received Notice of Qualification to Bid from the government and is now awaiting the outcome in October – November 2007 of the tender bid process which is based on competitive work program bids on the tendered blocks.
Sun Resources and Carnarvon are sole bidders on the onshore L20/50 block. The 4,000-km2 block area is located in the southern portion of the Phitsanulok Basin and has been very lightly explored. The Phitsanulok Basin contains the largest onshore oil and gas accumulation in onshore Thailand, the Sirikit Field, with reserves in excess on 200 million barrels of oil.
Carnarvon, as operator of the L20/50 block tender bid joint venture, will apply a similar exploration philosophy to exploration on the block in a basin that is a direct geological analogue to the nearby Phetchabun Basin where recent exploration by Carnarvon has been extremely successful. There is also the possibility of near term cash flow from a redrill or work over of an old shut in well in the block. This well was not brought on production because it required artificial lift and at the then prevailing low oil prices this production methodology was not considered by the operator.
Notwithstanding bid competition from seven other consortia on the very high potential 8,141 km2 G3/50 offshore block in the Chumpon Basin, Sun Resources and Adelphi are hopeful of a positive outcome in favor of the joint venture because of their submission of a comprehensive exploration and development document as part of the bid process. Sun Resources, as Operator, identified from 3D and 2D seismic data over the block area, a very significant untested gas condensate accumulation having a potential of 160 - 350 bcf with 13 - 35 million boc and natural gas liquids, as well as other oil and gas prospects.
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