MEO Australia: Drilling Continues at Sainampueng-1 Well (Thailand)

MEO Australia Limited advises that Pearl Oil Offshore Limited (an affiliate of Mubadala Petroleum) commenced drilling Sainampueng-1 in the Gulf of Thailand G2/48 Concession at 8:30am (local time) on 23rd November. At 13:00hrs local time on 29th November, the well had reached 2,237mMDRT and was drilling ahead.

Sainampueng-1 commenced drilling from the existing 13 3/8″ casing shoe used for Anchan-1. The 12¼” hole was drilled to 1,441mMDRT where 9 5/8” casing was run and cemented.

Sainampueng-1 is testing a 10 – 25 MMstb (mean to P10 prospective resources) 3-way dip closure against the basin margin fault and will fulfil the Permit Year 6 obligation.

In the event Sainampueng-1 is successful, the basin is currently assessed to contain 23 prospects and leads in multiple play types with a cumulative un-risked mean potential exceeding 100 MMstb.

MEO’s CEO and MD Jürgen Hendrich commented on the announcement: “Sainampueng-1 is approaching the first zone of an extensive interval of interest.”

[mappress]

November 30, 2012