WEST PERTH, Australia – Tap Oil (ASX:TAP) says Mubadala Petroleum, operator of the Manora joint venture in the Gulf of Thailand, expects a 13% increase in cost of the project above the forecast made in 2012.
The total cost now is forecast to be $278 million, and the contingency holdings are reduced.
Mubadala indicates it expects first production at the Manora oil development during mid-2014. The development is expected to ramp up to an estimated peak production rate of 15,000 b/d from 10 production wells and five injection wells.
Partners in the concession are MP G6 (Thailand), 40%; Pearl Oil (G1), 20%; Northern Gulf Petroleum, 10%; and Tap Energy (Thailand), 30%.