Sun Resources identifies potential oil pools in Thailand

Sun Resources NL has identified strong potential for oil pools in the onshore exploration Block L20/50 onshore Thailand, where Sun Resources has a 50 percent interest in the Joint Venture operated by Carnarvon Petroleum Limited.

The recent discovery by Carnarvon discovery made in the adjacent Phetchabun Basin Oil Field was the sixth commercial volcanic reservoirsince only 2005.

This exploration programme is targeting an oil resource of similar size to that of Pan Orient and Carnarvon who are producing from the adjacent Phetchabun Basin, just 50 kilometres to the east. The string of discoveries by Carnarvon and Pan Orient has seen this field deliver average production of around 12,000 bopd, and the reporting of a recoverable resource in excess of 40 million barrels from a number of new oil pools in the volcanic play.

Matthew Battrick, Managing director of Sun Resources, said “The work carried out by the Joint Venture to date has reinforced the highly prospective nature of this exploration block, particularly for potential oil pools in the volcanic play.”

“We are very excited about commencing the seizmic programme as its completion will lead to maturation of leads to prospects for drilling that are of a new play type that has delivered an incredible amount of production success to our JV partner in its neighbouring onshore Thailand blocks”.

The Joint Venture has evaluated the petroleum system within the L20/50 Block by utilising recently digitised 2D seizmic data, resulting in the delineation of seven significant structural leads. These structural leads will be the focus of a comprehensive 500km2 2D seizmic survey aimed at better defining the size and potential oil resource contained within each lead.

Preliminary calculations by Sun Resources indicate the largest of the leads could each contain a speculative resource in excess of 50mmbbls of oil in place.

These leads will be the focus of a comprehensive new 2D survey commencing July 2009 with drilling of delineated prospects in 2010.

http://www.proactiveinvestors.com.au/companies/news/1480/sun-resources-identifies-potential-oil-pools-in-thailand-adjacent-to-carnarvon-petroleum-field-1480.html

 

Category: ResourceAsia