Loyz Energy to buy stake in Thai licenses

Loyz Energy Ltd., Singapore, has agreed to buy 20% interests in three onshore license areas under development in Thailand.

The seller is Carnarvon Thailand Ltd., a subsidiary of Carnarvon Petroleum Ltd., Perth, which now holds a 40% interest. Loyz Energy will pay $65 million.

The SW1, L44/43, and L33/43 production licenses, about 300 km north of Bangkok, produce 1,200-1,400 b/d of oil (OGJ Online, May 28, 2009). Loyz Energy said operator ECO Orient Energy (Thailand) and ECO Orient Resources (Thailand), plans to boost production to 3,000 b/d in June and 5,000 b/d by December.

Loyz Energy said ECO Orient has drilled three wells on the licenses so far this year in a 15-well program. All three wells had oil shows and await test results.

Proved and probable reserves, according to a December 2012 assessment by Chapman Petroleum Engineering Ltd. for the operator, are 29.3 million bbl of oil.

Carnarvon said activity last year included drilling of eight development wells across all the areas, the start of water injection on the L33/43 license, and the acquisition of 100 sq km of 3D seismic data.

ECO Orient bought its 60% interest in the concessions in 2012 from Pan Orient Energy Corp., Calgary.

Related Articles

IAGC appoints new president

09/19/2014 The board of the International Association of Geophysical Contractors has reported that Ken Wells has been named as the organization’s president.

MARKET WATCH: Crude oil futures down more than $1 in New York, London

09/19/2014 The New York Mercantile Exchange October crude oil contract lost $1.35 to $93.07/bbl on Sept. 18. The November contract declined $1.22 to $91.98/bbl.

ExxonMobil ‘winding down’ Arctic well, complying with US, EU sanctions on Russia

09/19/2014 ExxonMobil Corp. released a statement that the company is complying with all US sanctions on Russia after news reports that the operator had halted...

ExxonMobil, Linn to make second asset exchange this year

09/19/2014 ExxonMobil Corp. has agreed to trade interest in 500 net acres from South Belridge field near Bakersfield, Calif., to Linn Energy LLC, Houston, in ...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected