Drilling Program Planned for 3 Concessions in Thailand's Petchabun Basin
Loyz Energy Limited (the Company and together with its subsidiaries, the Group), a Singapore-based upstream energy group, referred Wednesday to the Company’s announcement dated March 14 and the press release dated May 5 (together, the Announcements) relating to the Group’s operation updates in Thailand.
Further to the announcements, the Board is pleased to announce that a drilling program with respect to the 3 onshore petroleum concessions in the Phetchabun Basin, Thailand has been put in place and is expected to commence in late June to early July 2014. The Group’s acquired a 20 percent stake in these three producing concessions, being SW1, L44/43 and L33/43, in April 2014. Under this drilling program, between 5 and 7 wells are expected to be drilled with approximately half of these being drilled in the L33/43 concession based on the latest 3D seismic data with the remaining wells being drilled in the adjoining L44/43 concession. The operator plans to acquire new 3D seismic data with respect to the L44/43 concession sometime in late 2014. To date, the operator has been able to achieve approximately gross 4,000 bopd from April to May 2014.
The producing wells at these concessions have contributed positively to the Group’s cashflow since April 1.
The Company wishes to advise investors and shareholders to exercise due care and caution when trading in the shares of the Company. It is not certain that the drilling program referred to above will ultimately yield commercially recoverable hydrocarbons or profitable production.
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