KrisEnergy hits oil at Rayrai-1 well, offshore Thailand

KrisEnergy Ltd. has said today that its Rayrai-1 exploration well in G10/48 in the Gulf of Thailand, has reached a total depth and encountered oil.

Rayrai-1, which was drilled by the Key Gibraltar jack-up rig, at the area where KrisEnergy is developing the Wassana field, reached a total depth of 6,382 feet (1,945 metres) measured depth (-5,281 feet true vertical depth subsea) and intersected approximately 50 feet true vertical depth of net oil-bearing sandstones. The well is located in a water depth of 170 feet and lies 2.25 km north of the Niramai oil discovery drilled in 2009.

Chris Gibson-Robinson, Director Exploration & Production, commented: “This is a very satisfactory result as Rayrai-1 confirms the northerly extension of the Niramai hydrocarbon accumulation. We will further investigate this area once we have completed development drilling at the Wassana field to the south.”

G10/48 covers 4,696 sq km over the southern section of the Pattani Basin. KrisEnergy is developing the Wassana oil field via a mobile offshore production unit producing to a floating storage offshore loading vessel.

The Key Gibraltar will begin drilling up to 15 Wassana development wells once the Rayrai-1 exploration well has been plugged. Production at Wassana is scheduled to begin in the second half of 2015 and to plateau at up to 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.

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