By OGJ editors
HOUSTON, Apr. 22 -- A Pacific Tiger Energy Inc. joint venture has entered into a $2 million financing agreement with Gemini Oil & Gas Ltd., an oil and gas finance group, to fund a multi-well exploitation program in Wichian Buri oil field, onshore Thailand.
The Wichian Buri joint venture partners will drill up to four development wells on the PL I Wichian Buri production license early in the second half of the year and, when awarded, PL II. The WB-N1 well is shut-in pending formal award of the latter license.
Pacific Tiger and partner Carnarvon Petroleum NL, which has a 40% working interest in the field, expect to finalize drilling plans within the next 3-4 weeks.
In the past 12 months the company has drilled three successful oil wells in Wichian Buri North area. Two of the three wells are now on production, and the third has been shut in pending award of a production license by the government.
Pacific Tiger and Carnarvon are also concluding engineering studies on enhancing production from the productive interval as well as testing new zones.
