Thai plan: Loyz ready to drill in June
Loyz gets stake in Thailand
09 May 2014 12:00 GMT
Loyz completes Thai deal
05 May 2014 05:26 GMT
Carnarvon sells down Thai stakes
03 March 2014 02:21 GMT
11 June 2014 01:18 GMT
The three onshore concessions in the Phetchabun basin are part of the company’s 2014 programme, with drilling starting imminently.
Loyz took a 20% stake in SW1, L44/43 and L33/43 in April and has planned to drill between five and seven wells from Australia's Carnarvon Petroleum.
The $65 million deal is the company's first leap into operating producing assets.
About half of the wells will be drilled on L33/43 based on the latest 3D seismic data.
New 3D seismic is set to be shot over L44/43 later this year, where the remaining wells will be drilled.
Loyz warned investors not to trade too heavily on the drilling programme.
“It is not certain that the drilling programme referred to above will ultimately yield commercially recoverable hydrocarbons or profitable production,” the company said.
From April to May the company has produced about 4000 barrels of oil per day, which has given the company’s cash flow a boost.
Estimated oil reserves cross the concessions are 29.6 million barrels based on an independent report by Chapman Petroleum Engineering.
Based on its 20% interest, Loyz is entitled to 5.92 million barrels over the next 20 years.
This output level could potentially bring in $144 million.
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