Mirach Energy and two Landocean Energy Services subsidiaries entered into a project cooperation agreement for a drilling exploration program at Cambodia Offshore Block D in the Gulf of Thailand.
Block D map. From Mirach.
Mirach’s subsidiary CPHL Cambodia Co. Ltd. (CPHLC) and two Landocean subsidiaries PST Service Corp. (PST) and Chengdu Western Union Petro Engineering Technology (UP) agreed to team up for exploration efforts at the 5506.9sq km block that is located in the northeast of the Khmer basin in Gulf of Thailand, 150nm from Sihanoukville at about 70m water depth.
The agreement will lead to the drilling of three exploratory wells at Block D, to be drilled in a “1+2 plan,” in which the first well will be drilled before the planning and location for the subsequent two wells, Mirach said.
The integrated technical services will be provided by PST and UP that will include comprehensive block evaluation, well location optimization program, evaluation of exploratory wells, drilling engineering design, materials acquisition.
CPHLC will facilitate the service providers in the areas of legal and governmental communication, including obtaining local authority approval for exploration drilling operations.
Pursuant to the terms of the agreement, CPHLC has the option to pay for the integrated technical services with either cash or shares, depending on the results of the drilling and other commercial terms, Mirach said.
Approval is needed from the General Department of Petroleum of Cambodia.
Mirach is the operator of Block D with 100% interest through subsidiary CPHLC, in which Mirach owns 48% interest. CPHLC holds 100% interest in Cambodia Block D with 30-year production rights.
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