A wholly owned subsidiary of Loyz Energy Ltd., Singapore, has completed its purchase of 20% interests in three producing concessions in central Thailand for $65 million from Carnarvon Thailand Ltd. (OGJ Online, Mar. 5, 2014).
The concessions, SW1, L44/43, and L33/43, are in the Phetchabun basin 300 km north of Bangkok. Operator with 60% interests is ECO Orient (Thailand) Ltd. Carnarvon Thailand retains 20%.
Loyz said gross production from the acreage increased to 3,000 b/d of oil in early April 2014 from 1,200 b/d in February. It projected output of 4,000 b/d by this month. Loyz Thailand Oil Pte. Ltd. holds its acquired interests.
The group has drilled three wells in 15-well program planned this year for the concessions. Loyz said all three wells had oil shows and await testing.
The concessions are estimated to have gross proved and probable reserves of 29.6 billion bbl.