Picture: PTTEP
Valeura Power Inc. has entered right into a farm-in settlement with PTT Exploration and Manufacturing Plc (PTTEP) to earn a 40% curiosity in Blocks G1/65 and G3/65, within the offshore Gulf of Thailand.
Key highlights
- Strategic Partnership: Farm-in Settlement with PTTEP, the most important oil and fuel explorer, producer, and operator in Thailand;
- Substantial Acreage Growth: Will increase Valeura’s gross acreage place in Thailand from 2,623 km² to 22,757 km²;
- Prime Location Adjoining to Main Infrastructure: The Blocks are strategically positioned subsequent to a few of Thailand’s largest producing fuel fields and Valeura’s oil fields;
- Discoveries: 15 oil and fuel discoveries on the Blocks, supported by 27 wells which encountered oil and fuel pay;
- Infrastructure-Led Progress: Current discoveries and exploration prospects that the Firm believes might be tied again rapidly to current oil and fuel infrastructure; and
- Fast Exercise: Exploration and appraisal work already underway with 3D seismic acquisition deliberate to start within the coming months.
“The spirit of collaboration between Valeura and PTTEP is powerful, and we’re excited to start work on this huge swath of potential acreage within the Gulf of Thailand with the potential for each close to and long-term pure fuel and oil developments,” stated Dr. Sean Visitor, President and CEO of Valeura. “PTTEP has an unparalleled depth of data in Thailand and a confirmed monitor report of exploration and improvement success each in Thailand and all through the Southeast Asia area.”
“Buying an curiosity in these Blocks will increase our acreage within the offshore Gulf of Thailand considerably, and gives us with current discoveries and enticing exploration prospects instantly adjoining to a number of world class fuel fields and our producing oil belongings,” Visitor continued.