Thailand’s Banpu PLC has acquired a 29.4% stake in Chaffee Corners joint exploration agreement for $112 million. The deal provides Banpu with a net interest equivalent 156 bcfd of gas. The agreement targets the net output of about 21 MMcfd this year, the company said in a statement published on Thai stock exchange.
In an analyst presentation published Apr. 21, the acquisition adds 11,000 net acres to Banpu’s position and is the first instance of a Thai company taking a stake in the US shale gas industry. Chaffee Corners JEA is 86% held by production with 62 producing wells, 14 wells waiting on completion, and 173 derisked well locations. The site lies in northeast Pennsylvania about 200 miles from New York City.
The field is currently owned by Talisman Energy Inc., which was purchased by Repsol SA for $13 billion, a deal that was finalized on May 8, 2015 (OGJ Online, Dec. 16, 2014). The company will continue to focus on its coal and power business, citing the Marcellus farmin as part of its emphasis to harness new technologies and lower impact fuel sources.