Mubadala completes Thai field interest buy

Mubadala Petroleum has completed the acquisition of additional interest in its operated G1/48 Concession in the Gulf of Thailand, which includes the Manora field.

Tap Oil, a partner in the project, said on Tuesday that the
transfer of Northern Gulf Petroleum’s 10 per cent shareholding in the G1/48
Manora block to the Mubadala Petroleum’s subsidiary and operator of the
concession Mubadala Petroleum G1 Thailand Limited was complete.

To remind, Mubadala entered into the agreement to increase
its stake in the block back in March 2020. At the time, Tap consented to this
transfer.

The transfer was expected to become effective upon the
execution of the relevant supplementary concession.

The relevant supplementary concession agreement which formalised
the transfer was officially executed by all concessionaires on the 16 September
2020.

Tap Oil added on Tuesday that the supplementary concession was
executed by the Thai Minister of Energy. As a result, Mubadala Petroleum will
now hold a 70 per cent stake in the block and remain the operator. Tap Energy
will hold the remaining 30 per cent.

It is worth reminding that Mubadala Petroleum decided to drill, complete, and put in production three wells in the Manora field back in mid-May of this year.

The Valaris 115 jack-up drilling rig started the 2020
development drilling campaign on 15 May. The JV parties also agreed on a workover
of the MN-15 well to replace an electric submersible pump and workover of the
MNA-7 well to add water disposal capacity during the drilling campaign.

In June, Mubadala added another development well to the Manora drilling campaign, expanding it to four new development wells. The decision was made following commercial evaluation and technical assessment including reservoir modelling. The fourth well – MNA-28 – was originally scheduled as a 2021 development well.

At the time Tap Oil said that the decision to drill it now was
a result of positive initial results of the first three wells of the 2020
program.