By an OGJ correspondent
BANGKOK, Jan. 5 -- Thailand's PTT Exploration & Production PLC (PTTEP), Singapore Petroleum Co., and Malaysia's Resourceful Petroleum Ltd. have jointly purchased a 10% stake in Cambodia's offshore Block B from Australia's Cooper Energy for $3.5 million.
The acquisition boosts the three firms' interest in the 6,551-sq-km block to 33.33% each from 30% previously, according to PTTEP.
The group will pay $1 million up front to Cooper Energy after receiving Cambodian government approval and will pay the remaining amount when production reaches 100 million boe/d.
The joint venture is committed to gather 200 sq km of 3D seismic and drill one exploration well in the first 3 years of the exploration period.
Block B lies 250 km off Cambodia, just southeast of Khmer basin in the Gulf of Thailand, where several oil and gas discoveries have been made.