Peak Oil & Gas (ASX: RAI) has been officially qualified by the Myanmar Oil & Gas Enterprise (MOGE) to participate in the Myanmar’s upcoming competitive bidding round for onshore blocks.
The company, formerly known as Raisama Energy, had successfully met technical and financial in an environment that has drawn interest from the international oil and gas industry.
Companies that have expressed interest in Myanmar include ExxonMobil (NYSE: XOM), Total (EPA:FP) and Woodside (ASX: WPL).
Myanmar is highly prospective for oil and gas, with oil exports starting in 1853.
It holds estimated reserves of 72 trillion cubic feet of gas, 71Tcf of which is located offshore, and 540 million barrels of oil.
This is expected to increase further as much of the country remains unexplored.
Total and Malaysia’s Petronas Carigali currently operate the Yadana and Yetagun projects that have combined gas reserves of about 12Tcf. Both projects export gas to PTT in Thailand.
The MOGE will make formal presentations to the industry on the available blocks in May. This will include further advice on the timing of bid submissions and subsequent award.
Peak Oil had $835,000 in cash as of 31 December 2012 and has since raised $3 million through a share placement to the Albers Group.
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