KrisEnergy Buys 60 Pct Stake in Gulf of Thailand Block

KrisEnergy Ltd. has acquired from Mubadala Petroleum a 60% working interest in block G3/48 in the Gulf of Thailand.

The agreement, which includes the transfer of operatorship to KrisEnergy, is pending approvals by the government of the Kingdom of Thailand and Block G3/48 partners.

Once approvals have been received, KrisEnergy will hold a 60% working interest in G3/48 and will be the operator. The other partners are Tap Energy (Thailand) Pty Ltd with 30% and Northern Gulf Oil (Thailand) Company Ltd. with 10%.

G3/48 covers 2,917 sq km in shallow waters of less than 20 metres up to 50 metres in the northern area of the Gulf of Thailand. Running from north to south, the exploration block stretches across sections of five separate Tertiary basins: Hua Hin Basin, North Sattakut Basin, South Sattakut Basin, Kra Basin and Western Basin.

January 28, 2014

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