Thailand

G1/48, G3/48 & G6/48 (31,000sq km)

Tap 75% owner of Northern Gulf Petroleum Pte Ltd (NGP)

Tap acquired 75% of the shares in NGP on 14 October 2010. NGP holds a 40% working interest in three concessions in the north and central Gulf of Thailand (G1/48, G3/48 and G6/48).

The G1/48 concession contains the Manora field which is currently estimated as a 24 mmbbl resource. The Manora discovery in late 2009 opened up a new oil play in the northern Gulf of Thailand. The G1/48 joint venture is targeting Final Investment Decision (FID) in the first half of 2012 and first production in early 2014. Manora-1 tested at cumulative flow rates of over 9,000 barrels of oil per day (bopd) from three zones.

The G6/48 concession contains the Rossukon discovery, also made in 2009. The Rossukon well tested at 890 bopd from a single zone. 3D seismic data acquisition is planned for this area in 2011.

All three concessions are operated by Pearl Energy who is a very experienced international operator. In the Gulf of Thailand, Pearl operates the nearby Jasmine field.

In addition to the Manora and Rossukon discoveries, there are 17 exploration features with 200 mmbbls of cumulative unrisked potential across the 31,000 km2 covered by the three concessions. There is an active exploration and appraisal program in place with up to eight wells planned for the next 18 months.

For more information please download this detailed announcement:

Presentation - Acquisition of 75% of Northern Gulf Petroleum Pte Ltd and Equity Raising (2.03MB)