KrisEnergy Ltd. (“KrisEnergy” or “the “Company”), an independent upstream oil and gas company, announces that the Key Gibraltar jack-up rig has commenced drilling of the Rayrai-1 exploration well in block G10/48 in the Gulf of Thailand, where the Company is currently developing the Wassana oil field.
Rayrai-1 is located in water depths of 170 feet (52 metres) and lies 2.25 km north of the Niramai oil discovery drilled in 2009. The well is planned to reach total depth at 6,382 feet (1,945 metres) measured depth (-5,334 feet true vertical depth subsea) and will test Early Miocene stacked fluvial sandstones on a north-south trending faulted basement high.
G10/48 covers 4,696 sq km over the southern section of the Pattani Basin. The licence contains three oil discoveries - Wassana, Niramai and Mayura. KrisEnergy is developing the Wassana oil field via a mobile offshore production unit producing to a floating storage offshore loading vessel. The Key Gibraltar jack-up rig will begin drilling up to 15 Wassana development wells once it has completed the Rayrai-1 exploration well. Production at Wassana is expected to commence in the second half of 2015 and plateau at 10,000 barrels of oil per day.
KrisEnergy holds an effective 89% working interest in, and is the operator of, the G10/48 licence. Palang Sophon Offshore holds an effective 11% working interest.