Bua Ban North

Block G5/43: Bua Ban North Field

The Bua Ban North Field (Songkhla D and E areas) was the result of a highly successful exploration program conducted in early 2011.  Oil bearing reservoirs were identified in several formations, with the M100 (Miocene) sand bearing the majority of the Company’s reserves in the field. By early 2012, eleven and thirteen wells had been drilled in the D and the E areas, respectively. Each well was drilled directionally from one of the two centrally located platform templates to selected targets. The D and E area producing facilities were installed in water depths of 59 ft and 67 ft, respectively. Production was initiated from the E facility in July 2011, while production was initiated from the D Facility in December 2011. 

In mid-2012, the Company achieved further success in the field following the drilling of two additional horizontal development wells.  In early 2013, the Company plans to commence an eight well development and appraisal campaign. 

The Company’s initial field discovery resulted in the booking of 68 Mmbbls of 2P reserves at year-end 2011.  At March 31, 2012, the Company’s third party interim reserves evaluation performed by RPS Energy Ltd. reflected 108 Mmbbls of 2P reserves.  The increase was attributable to further drilling success in the field as well as new core analyses indicating significantly lower water saturation. As of September 2012, the Bua Ban North field was producing approximately 18,000 bopd.