• Manora Joint Venture partners have approved a three well exploration drilling program plus a contingent appraisal side-track well scheduled to spud in the last week of November 2019.
• The exploration wells, in order of drilling, are Inthanin-1, Yothaka East-1 and Krissana-1.
• The contingent appraisal side-track is dependent upon success in the Yothaka East-1 and Krissana-1 wells and will appraise any significant hydrocarbon zones encountered.
• Combined best estimate (P50) Prospective Resources independently estimated at 1.13 MMSTB, net to Tap.
• Tap has budgeted US$1.72 million of expenditure for the three exploration wells on a dry hole basis and US$2.74 million of expenditure for four wells, including additional wireline logging to evaluate significant hydrocarbon occurrences.
• All prospects are within 5 km of the Manora platform and success will leverage Manora production and storage infrastructure.

Tap Oil has announced that the Manora Oil Field Operator, Mubadala Petroleum, and Tap have approved the drilling of three firm exploration wells and an appraisal side-track contingent upon exploration success. The first well in the program, Inthanin -1 is expected to spud in the last week of November 2019 and will be followed by Yothaka East-1 and Krissana-1. A contingent side-track, into the Yothaka structure will be dependent upon the results of the Yothaka East-1 and Krissana-1 exploration wells.

Tap Oil assets in Thailand (Image source: KeyFacts Energy)

All wells are located in the Manora Production Licence, offshore Thailand and within 5 km of the Manora platform, where Tap has a 30% working interest.

These 'near field' prospects are located in close proximity to Manora’s discovered producing reservoirs. The development of these volumes would take advantage of existing infrastructure and operating capability. The Inthanin prospect could be developed by deviated wells drilled directly from the Manora platform. Development of the Yothaka East – Krissana cluster would require investment in a new wellhead platform tied back to the Manora platform where the oil would be processed and stored on the existing FSO.

Each prospect has multiple stacked reservoir objectives with largely independent geological risks. This independence, when consolidated, drives the high geological success rates and is supported by the high quality 3D seismic data and proven petroleum system in close proximity to Manora.

The Development Probability of Success (POS) is the probability of achieving the minimum economic pool size for development to be economically viable. These are shown above on a stand-alone basis for each prospect and do not incorporate the contribution one could have to a clustered development such as Yothaka-Krissana, for example.

Tap’s Executive Chairman, Mr Chris Newton said:
"The planned exploration drilling campaign is consistent with Tap’s strategy to focus its resources and capability on incremental investment opportunities in and around the Manora Oil Field. That strategy is driven by infrastructure, knowledge and fiscal leverage and enabled by the continued downward trend in drilling costs achieved by the Operator, Mubadala Petroleum. The US$1.72 million pretax dry hole budgeted cost for 3 exploration wells was considered reasonable in light of Tap’s cash position. However, success would be material given the combined P50 success case of 1.1 MMSTB for a program of 3 exploration wells, given Tap’s 1P Reserves at 31 December 2018. The contingent Yothaka appraisal well was designed to accelerate the development of exploration success and realise the synergies of existing Manora Oil Field production."

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