Niko Resources Acquires Stake in Fang Block in Thailand
Niko Resources has made its entry into Thailand through its 50% equity in a production and exploration block in northern Thailand. The Fang Block contains substantial shallow oil potential and is held by the Defense Energy Department.
The Fang Block contains significant development potential with 103 million barrels oil in place having been discovered to date. The Mae Soon oil field is the largest field discovered in the area containing an estimated 44 million barrels of oil in place. Mae Soon is to be further developed by the joint venture with considerable by-passed oil potential. Twelve wells are planned for this phase of development to commence in August 2006.
In addition to the oil field development the Fang Block contains exploration areas both to the north and to the south of the current production. These exploration areas are a continuation of the producing basin but also contain isolated separate basins. The exploration potential of these areas is expected to be similar to the central basin. A 3D seismic program has commenced with drilling of 10 exploration wells to begin in December.
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