UAE-based Mubadala Petroleum is planning to drill up to two exploration wells and one side-track at its G1/48 (Manora) license area with a final investment decision for the project slated for October 2019.
The 2019 exploration drilling program is expected to spud in November 2019 and will comprise of one to two exploration wells, plus a contingent side-track, Tap Oil, a partner in the project said on Monday.
Tap has a 30% working interest in the Mubadala Petroleum-operated G1/48 license, located in the Gulf of Thailand.
Tap and Mubadala Petroleum expect to make a final investment decision on the program and well trajectories in October 2019.
Tap, on a dry hole basis, has budgeted $5.4 million gross ($1.6 million net pretax) for a potential program of two wells plus one side-track.
Tap also said that Prospective Resource assessment was undertaken for Manora near field exploration prospects being considered for drilling in the 2019 exploration drilling program by Discover Geoscience in its capacity as an independent technical expert using data and information provided by Tap.
These “near field” prospects are located in close proximity to Manora’s discovered producing reservoirs. The development of these volumes would take advantage of existing infrastructure and operating capability. The Inthanin prospect could be developed by deviated wells directly from the Manora platform. Development of the Yothaka – Krissana cluster would require investment in a new wellhead platform tied back to the Manora platform where the oil would be processed and stored on the existing FSO.
The assessment of the chance of discovery and the chance of development associated with the Prospective Resources for the Inthanin prospect is 54% and 47%, for the Yothaka prospect it is 45% and 10%, and for Krissana prospect it is 53% and 19%.
Each prospect has multiple stacked reservoir objectives with largely independent geological risks. This independence, when consolidated, drives the high geological success rates and is supported by the 3D seismic data and proven petroleum system in close proximity to Manora.
Tap’s Executive Chairman, Chris Newton, said: “The planned exploration drilling campaign is consistent with Tap’s strategy to focus its resources and capability on incremental investment opportunities in and around the Manora Oil Field. That strategy is driven by infrastructure, knowledge and fiscal leverage and enabled by the continued downward trend in drilling costs achieved by the Operator, Mubadala Petroleum.
“The $1.6 million pretax budgeted cost of the exploration drilling was considered reasonable in light of Tap’s cash position. However, success would be material given the combined P50 success case of 1.1 MMSTB for a program of two wells plus a side-track equals Tap’s 1P Reserves at 31 December 2018.”
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