As announced on 15 February 2019, PTTEP officially signed the Share Purchase Agreement (SPA) with TATEX Thailand for a 33.8% stake in APICO LLC which holds assets in the Khorat Plateau. The deal is worth approximately USD 64 million and is expected to be completed within 1H 2019.  Prior to the acquisition, the ownership of the Apico LLC joint venture consists of NuCoastal (39%), Tatex Thailand (33.8%) and Salamander Energy (27.2%).  Apico LLC holds 35% participating interest in Sinphuhorm project in blocks EU1 and E5N, operated by PTTEP. After the completion of this transaction, PTTEPâs interest will increase to 66.8%. In 2018, Sinphuhorm field produced at an average of approximately 79 MMcf/d of gas and 245 b/d of condensate.   Apico LLC also holds 100% ownership in the adjacent blocks L15/43 and L27/43. The 15/43 concession contains the Sinphuhorm East 1 field which is currently under development planning and Environmental Impact Assessment. L27/43 concession contains the undeveloped Dong Mun gas discovery and several undrilled prospects. The production period for Dong Mun field is scheduled to expire on 24 September 2032.   Background Information  Ophir reported recoverable reserves (2P) of 2.7 MMbo and 850 Bcfg, plus contingent resources (2C) of 2.8 MMbo and 652 Bcfg for Sinphuhorm effective end-2014, following an audit by RPS Energy.  US-based NuCoastal Corporation was formally awarded concessions L15/43 and L27/43 in 2003. In March 2006, Apico (Khorat) Limited, a 100% owned subsidiary of US-based Apico LLC, officially acquired 100% interest of exploration concessions L15/43 and L27/43 from NuCoastal Corporation. Apico LLC had in early 2005 signed an agreement with NuCoastal to acquire both concessions. NuCoastal entered into a Service Agreement with Apico, to provide necessary services for the effective operations of Apico operated petroleum concessions in Thailand.   Former operator NuCoastal acquired approximately 370km of 2D seismic, shot over the southern extension of the Phu Horm field, over the Dong Mun gas discovery and over other leads in the concession, from 6 January 2006 to 11 February 2006. The survey is understood to have been paid by Apico.   Sinphuhorm field was discovered in 1983 by Phu Horm 01 well operated by Exxon. Sinphuhorm field was formerly known as Phu Horm field until it was renamed in 2008 in honour of the Thai Royal Family. The field was suspended for more than 10 years until it was farmed-out to Amerada Hess (Operator-80%) and PTTEP (20%) in mid-1990. Sinphuhorm field is a double-crested structure, the northern part of which was investigated by Phu Horm-1 and Phu Horm 2. The southern part of the structure lies in Reserved Area (E5/A1) and was tested by Phu Horm 3.  Sinphuhorm field came on stream in November 2006. The Sinphuhorm East structure was successfully drilled by Apico in late 2013, with the Sinphuhorm East 1 well. The well was suspended as a future gas producer after having tested over 50 MMcfg/d from the Permian carbonates of the Pha Nok Khao (PNK) Formation. A Production Area for Sinphuhorm East was approved by DMF in August 2014. Development planning and Environmental Impact Assessment (EIA) were ongoing as of December 2015.  L27/43 contains the Dong Mun gas discovery, drilled by Exxon in 1990 under the E5/A concession. Discovery well Dong Mun 1 was designed to test a shelf edge reefal build-up and reached a TD of 3,475m in Permian Saraburi Group limestones. The well was tested over four intervals in the same limestones, flowing a maximum of 23 MMcfg/d from the section 2,705-2,798m. Tests over the deeper sections showed a marked reduction in flow rates, attributed to the lower permeabilities at depth. Dong Mun 2 appraisal well was then drilled approximately 12 km southeast from the discovery, in May-August 1990, but was abandoned having flowed only 0.13 MMcfg/d from a limestone section at 2,763-2,882m. The well tested a similar reefal build up to that of Dong Mun 1, but this time within a carbonate platform (rather shelf edge) setting. A second appraisal Dong Mun 3, located approximately 2.5 km southeast from the discovery was drilled during November 2007-January 2008 and was suspended as gas shows.   Apico LLC submitted a request for further extension for the development period of the Dong Mun field for a two-year term, an additional to the previous two-year additional term of development period for the concession that expired on 28 August 2018. The operator was preparing to conduct a drilling campaign in the block, comprising one delineation well and pre-development wells intended to prove up additional reserves and to provide extra production capacity once the field comes onstream. The operator is progressing with the field development plan after received land permit and additional drilling Environmental Impact Assessment (EIA) report approval from the government.  The application of the production area was submitted after the successful re-entry drilling of the Dong Mun 3ST in February 2012. The approval was granted by the Thailand Department of Mineral Fuels (DMF) on 22 August 2012. The company is estimated to invest USD 23 million in the development. Output capacity was estimated to be 14 MMscfg/d. On 31 December 2012, the field was estimated to contain 90 Bscf of gas reserves (2P).
PTTEP officially signed the Share Purchase Agreement (SPA) with TATEX Thailand for a 33.8% stake in APICO LLC which holds assets in the Khorat Plateau. The deal is worth approximately USD 64 million