"HP 1 is an exciting exploratory test", said PTE President and CEO Mike Cvetanovic. "Our geoscientists have mapped closures on three separate horizons covering an area of approximately 2 square kilometers. A successful well would have a large impact on our proven reserve case."
The company is also planning to commence horizontal and multilateral development wells in late December in the Wichian Buri North oil pool. The WB N7 and WB N8 wells are now in advanced stages of planning.
"The horizontal drilling will target the oil bearing 'F' sandstones in the area adjacent to and north of our N4 oil well," Cvetanovic said. "Reservoir simulation modeling indicates we can expect substantially improved well deliverability and reserve recovery compared to vertical wells. If successful, this could reduce our development capital requirements and increase our reserve valuation. The horizontal drilling approach has been highly successful in the Gulf of Thailand."
Seismic acquisition of 3D data is planned for both the L33/43 (PTE 100%) and L44/43 (PTE 60%). The seismic program is expected to commence in the L33/43 concession in December and provide prospect definition on the highly prospective Chang Nga Dam structure north of the Wichian Buri oil accumulation.
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