Initial well G4/50-10 is targeting the 25-MMbbl Soy Siam prospect.
The block partly surrounds Ophir’s producing Bualuang oil field and spans various Tertiary sub-basins. Both wells will investigate whether there is a working hydrocarbon system in the previously undrilled South Western sub-basin.
Ophir considers the main play risk to be charge, specifically source distribution and maturity.
Soy Siam is a single fault block that may have been charged from both the Bualuang and the South Western sub-basins. The G4/50-10 well will test Miocene sandstones equivalent in age to the producing reservoirs in the Bualuang oil field, 55 km (34 mi) to the north.
Next, the rig will drill the Parichat South West prospect. The Parichat complex is a cluster of four fault blocks 30 km (18.6 mi) south of Bualuang that have potentially been charged from deeper in the South Western sub-basin.
Each fault block has multiple stacked Miocene and Oligocene reservoir targets. The initial target is the southwest fault block with prospective resources of 25 MMbbl. If this well is successful, the Parichat South East fault block would provide an immediate follow-on exploration location.
Ophir says the two wells will cost around $18 million and take roughly 50 days to complete,
In addition, the company has mapped six further prospects in the South Western sub-basin with total potential resources of 155 MMbbl. The company has environmental impact assessment approvals for 18 drilling locations in the sub-basin.
Lower drilling rates have helped offset the impact of the oil price fall, it points out, so the commercial threshold for any resulting MOPU development in the Gulf of Thailand would be 10-15 MMbbl at current prices.
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