Interra’s Thailand subsidiary, Interra Resources (Thailand), has a 50% participating interest in the petroleum concession agreements for blocks L17/48, L3/48 and L9/48. The 3 Petroleum Blocks are onshore and cover a total area of 9,911 square kilometers.
As was previously announced on 20 April 2007, IRT and the owner of the remaining 50% participating interest in the Petroleum Blocks, JSX Energy (Thailand) intend to evaluate the Petroleum Blocks via a carefully planned, phased approach. Significant work has been undertaken throughout the year to refine the technical work program and the first major step is the acquisition of approximately 240 line kilometers of 2D seismic data over the 3 Petroleum Blocks.
Approximately 135 line kilometers will be acquired in block L17/48, and is designed to evaluate what has been interpreted as the most prospective exploration area in the Mae Sot Basin portion of the block. Evaluation of the existing 2D seismic which was acquired in 1997 has delineated several potential anomalies that could develop into high quality drill sites following the new seismic data acquisition. The existing data is of good quality and shows a sedimentary basin with characteristics similar to other basins that produce in the region. It is expected that the new seismic acquisition will be of superior quality due to more rigorous acquisition parameters and improvements in acquisition techniques, hardware and software compared to those of the existing seismic data. The dense grid of the additional seismic will more accurately constrain the geometry of any structures present and will hence enable the optimal placement of an exploration well and likewise increase the probability of success. In addition, the high quality data could also allow for the prediction of reservoir rock properties and/or fluid content and contacts.
Blocks L3/48 and L9/48 have no subsurface technical data, and as such, the acquisition of the remaining 105 line kilometers of 2D seismic in these blocks would be classified as "reconnaissance". The seismic data should determine if favorable basin timing and development took place which could indicate the existence of hydrocarbons. If confirmed, then these also could be prospective hydrocarbon charged basins.
It is expected that acquisition of the seismic data will be completed by late January 2008 on the assumption that prevailing weather conditions are favorable.
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