Rick Wilkinson
OGJ correspondent
MELBOURNE, June 3 -- Horizon Oil Ltd., Sydney, has farmed into two permits in the Gulf of Thailand operated by Pearl Energy Ltd.
Horizon will earn a 25% interest in Blocks B12/32 and B11/38 by partially funding Pearl's share of costs in a six well exploration and appraisal program.
Both blocks contain gas discoveries—the Bussabong find on Block B12/32 and the Chang Daeng find on Block B11/38. They are on trend with the large Pailin and Bongkot gas fields to the northwest and southeast.
Four previous wells on Bussabong and two on Chang Daeng have found gas, with test flows of as much as 21 MMcfd of gas.
The initial drilling program consists of two trilateral wells on Bussabong (three wells from each of two locations) with the aim of proving up a viable development project. The Ensco-57 jack up will take an estimated 65 days to complete the program.
An independent assessment based on previous drilling data estimates Bussabong has 10-65 bcf of gas reserves.
Tana Exploration Company LLC, Houston, whose majority shareholder TRT Holdings Inc. has a significant shareholding in Horizon, has also farmed into the two permits for a 25% interest on the same conditions.
