Apico Spuds Sinphuhorm East-1 Well
Coastal Energy Company, an independent exploration and production company with assets in Southeast Asia, announced an update to its onshore operations.
The Sinphuhorm East-1 well (SPHE-1 or the Well) was recently spud in the L15/43 Block (L15), onshore Northeast Thailand. The objective of SPHE-1 is to test a possible eastern extension of the natural gas producing Sinphuhorm Field into L15. The primary target of SPHE-1 is the Pha Nok Khao (PNK) carbonates, in the upper Permian formation, from which the Sinphuhorm field is currently producing approximately 110 million cubic feet per day. Natural gas at Sinphuhorm realized a price of $8.54 per million British Thermal Unit (mmbtu) in June and has averaged $8.32/mmbtu so far this year.
The Well is being drilled "under-balanced" which is specifically designed to minimize any formation damage, and permit the flow testing of SPHE-1 during drilling. Coastal Energy has a 39 percent participating interest in L15 through its part ownership of the APICO joint venture. The APICO joint venture is operating the SPHE-1 well.
The SPHE-1 well is approximately 29.1 miles (63 kilometers) northwest of the Dong Mun-ST3 discovery in Block L27/43 which holds 160 billion cubic feet of gross contingent resource (net 10.4 million barrels of oil equivalent Contingent Resource).
Randy Bartley, President & CEO of Coastal Energy commented:
"We believe that the Sinphuhorm East-1 well can demonstrate the continued potential for natural gas onshore, Northeast Thailand. Any discovery there could swiftly be marketed along with the existing Dong Mun-ST3 resource in L27/43. So far this year we have realized $8.32/mmbtu from Sinphuhorm field and are therefore eager to explore for and market any gas volumes we may discover in addition to Dong Mun. Thailand's increasing reliance on natural gas imports should maintain strong demand for any and all domestic gas resources."
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