KrisEnergy is offering a farm-in opportunity consisting of 44.5% participating interests in G10/48, located in the Pattani Trough (Gulf of Thailand Basin). The concession surrounded with five oil fields, including the Wassana field that was brought onstream in August 2015. As of April 2018, the operator is focusing on the development of the Greater Wassana area which consists of Wassana Satellite and Mayura areas.   The Wassana satellite at the north of the field is expected to come onstream in 2H of 2019. The development will be tied back to the existing facilities with potential ramp up production to 12,000 b/d of oil. The field has been producing from a series of stacked Miocene fluvial sand at 4,500 to 6,000 bo/d in 1Q of 2018. Â     The G10/48 concession is in production period of 20 years which commenced on 7 December 2015. The Wassana production area was approved by the Thailand Department of Mineral Fuel (DMF) on 9 February 2015. On 8 December 2015, DMF has also approved an âExploration Reserved Areaâ of approximately 1,525 sq km, comprising contiguous and non-contiguous to the Wassana production area, for up to five years.    The operator has also identified over 50 mapped prospects and leads which would assigned un-risked oil in place of 1.4 BBL to the concession.  KrisEnergy holds the operatorship with 89% participating interest in the G10/48 concession since May 2014. Local company Palang Sophon Ltd holds the remaining 11% interest following the acquisition of an indirect 14.67% interest in KrisEnergy G10 (Thailand) Ltd, which holds 75% interest in the concession, in February 2015.    For further information, interested parties may contact:    James Parkin   VP Exploration   james.parkin@krisenergy.com  or  Mike Whibley    VP Technical    mike.whibley@krisenergy.com     Background InformationÂ Â Â Â Â      The G10/48 concession was originally awarded to Pearl Oil in December 2006. The concession is situated at the southern section of the Pattani Basin in water depth of 60 m, containing a producing field, Wassana (2009) and four oil discoveries â Niramai (2009), Mayura (2010), Nong Yao Southwest 1 (2012) and Rayrai (2015). The Wassana field is one of the most matured assets for KrisEnergy in the Gulf of Thailand.     The discovery well, Wassana 1 was drilled in 2009 to a TD of 1,705m, targeted Miocene sandstones of the Pattani II/III units. The discovery is followed with a series of successful appraisal wells during 3Q 2010. Wassana 2, Wassana 2ST1 and Wassana 3 were drilled to total depths of 2,005 m â 2172 m. All three wells encountered oil.    KrisEnergy acquired operatorship in the G10/48 concession from Mubadala (which had acquired Pearl Oil) in May 2014. The company approved the Final Investment Decision (FID) for the Wassana development in late June 2014. A converted Bethlehem Matt Type jack-up rig was employed as a Mobile Offshore Production Unit (MOPU) which is suitable for water depth of around 65 meters and has full hydrocarbon processing facility for up to 20,000 b/d of oil and a water injection capacity of 15,000 b/d.    The last exploration activity in the concession is the drilling of Wassana 4/ST in late-February to mid-March 2018. The well was drilled to a TD of approximately 1,703 m (-1665 m TVD) and encountered approximately 20 m of net oil pay. The original borehole, Wassana-4 encountered net vertical oil pay of 9.4 m true vertical thickness (TVT). It was drilled back-to-back after the completion of five infill development wells in Wassana Production Area. The concession is covered by 728 line-km and 1,814 sq km of 2D and 3D seismic data respectively, from four different surveys.     Total recoverable reserves in the field have been estimated at 14 MMbbl of oil (2P). Contingent resources were estimated at 1.2 - 2.23 - 4.52 MMbbl of oil (1C-2C-3C).    Wassana is the first field brought on production by KrisEnergy as operator. The field came onstream on 14 August 2015 at an initial rate of 4,000Â b/d from three initial wells. Production is achieved through the âIngeniumâ MOPU and crude is stored in the âRubicon Vantageâ FSO.    The field achieved it target to reach the plateau rate of 10,000 b/d by end of 2015. Production at the field peaked at around 12,800 bo/d, above the originally forecast plateau rate, and had levelled off to 11,060 bo/d in end of January 2016.
KrisEnergy is offering a farm-in opportunity consisting of 44.5% participating interests in G10/48, located in the Pattani Trough (Gulf of Thailand Basin). 