Pan Pacific revealed the joint venture was dropping the licence after failing to secure a farm-in partner to help share the costs and risk of further drilling in the Phu Khan basin block.
The joint venture was required to make a decision by the end of this year as to whether or not to proceed to the third exploration phase of the block which included a drilling commitment.
The partners drilled a well on the Whale prospect in 2013 but the main objective Oligocene age sequence was found to be water bearing.
It did however encounter wet gas shows associated with indications of overpressure within the shallower Miocene section which Pan Pacific Petroleum stated at the time demonstrated a working petroleum system was...
