Oil Optimization to Commence Thailand Seismic Program in 1Q12
Oil Optimization updated operations onshore Thailand, in light of recent flooding in some parts of the country.
The Company's L14-50 project in the north Phetchabun basin has not experienced any flooding to date, although the rains can be heavy and unpredictable. As a result, the Company has modified its proposed work program to focus on three primary leads, starting with a 50-line kilometer 2D seismic survey. The objective of the revised program is to mature one or more of the three leads into drillable prospects, while minimizing technical and financial risk. The seismic program will commence in 1Q-2012 and will be followed by a drilling program shortly thereafter. Funding for the Company's work program on L14/50 is secured by irrevocable bank guarantees now held by the Thai Ministry of Energy.
The Company's two other onshore concessions, Blocks L9/48 and L3/50, have not been impacted by the rains and work is proceeding as planned and on schedule.