No Hydrocarbons at Tap Oil’s Kinnaree-1 ST1 Well (Thailand)

No Hydrocarbons at Tap Oil's Kinnaree-1 ST1 Well (Thailand)

Australia’s independent oil an gas firm, Tap Oil, today announced that the Kinnaree-1 ST1 exploration well, in the Gulf of Thailand, on October 31, 2012, reached final total depth of 2,694 metres MDRT.

Based on the preliminary data obtained while drilling, there are no significant indications of hydrocarbons.

Tap Oil will now run wire line logs to evaluate the well before the well is plugged and abandoned. The Kinnaree-1 ST1 exploration well will cost Tap approximately $3 million (30% participating interest plus 10% NGP carry).

After the well is plugged and abandoned, the jack-up rig ENSCO 85 will move off location and is expected to be on location at the G3/48 concession in early December to start drilling the Pathum-1 exploration well.  Three exploration wells are expected to be drilled in the 2013 program, with drilling anticipated to commence in the second quarter of 2013.

November 7, 2012