Onshore drilling on the L20/50 lease in Thailand, targeting the up to 80 million barrels of recoverable oil, will begin in January for the Sun Resources (ASX: SUR) and Carnarvon Petroleum (ASX: CVN) JV, with construction of road works and well sites now well advanced for the drilling of up to 3 wells in the permit.
In a major plus for the project, operator of the well, Carnarvon, has announced that the Environmental Impact Assessment for the three prospect locations in the JV has been approved by the Thai government authority.
The L20/50 permit lies on the onshore Phitsanulok Basin, located between Thailand’s two largest producing onshore field complexes.
These fields include Carnarvon's Phetchabun Basin Oil Fields, producing up to 15,000 bopd with >60 mmboe estimated ultimate recovery, and 20 kilometres south, in the same basin as the prolific Sirikit Oil Field, producing 20,000 bopd with >200 mmboe estimated ultimate recovery.
The JV is targeting a resource of similar size to that of Carnarvon and Pan Orient, who are producing up to 15,000 bopd.
Sun has a 42.5% interest, with the operator Carnarvon 50%, with Peak Oil & Gas 7.5%.