Thailand oil production exited 2012 at approximately 1,500 BOPD but has averaged 824 BOPD in the first two months of 2013 mainly due to downtime associated with workovers, the inability to conduct simultaneous operations on pads while a well is drilling and declining oil production rates from the deeper "C" sandstone zones at the L53-DST3 well (no reserves had been attributed to the "C" sands in the recent December 31, 2012 reserve report as they were considered depleted). Current production is approximately 1,000 BOPD and the L53-A4ST1 exploration well is expected to commence testing shortly. Updated guidance for 2013 oil production will be provided at the completion of the drilling of the two remaining exploration wells at L53-G2 and L53-F and the appraisal well at L53-DC3. Success at any of these three remaining wells will likely result in the drilling of a number of additional appraisal / development wells from available well cellars. The L53-A Central and L53-A West prospects that were identified on the recently acquired L53 3D seismic survey will not likely be drilled until late 2013 or early 2014 due to delays in the environmental permitting process. The 2014 drilling program will also include additional wells that will be targeting prospects defined by the L53 and L45 3D seismic surveys currently being acquired.
The L53-DC1 well, announced earlier as a new fault compartment discovery, is currently producing at approximately 147 BOPD of heavy 16 degree API crude and with a water cut of 30% from the "A2" lower sand.
The L53-DC2 well, a successful appraisal of the new fault compartment discovered by L53-DC1, is currently producing at 267 BOPD with a water cut of 0.8% from the "A3" sand. Both of the DC wells possess three to four additional uphole, oil bearing sands that will be put on production at a future date as existing zones water out.
The L53-A4 well, targeting the L53-H prospect, was unsuccessful as was the L53-DB1 well targeting the L53-D West prospect. The L53-DB1 well has been converted to a water disposal well and L53-A4 well was sidetracked (L53-A4ST1 well) to test a small independent structural closure south east of the L53-A field and encountered approximately seven meters of interpreted net oil pay in the "K40-A" sand. This well is expected to start testing soon.
The L53-G2 well is currently drilling ahead at a depth of approximately 550 meters and is targeting the L53-G prospect that was originally tested by the L53-G well in early 2012. The original L53-G well tested approximately 25 BOPD from the "K40-A" sandstone zone before being shut in. Subsequent reprocessing of the 3D seismic data in this area indicates the well penetrated a large fault immediately below the oil pay in the "K40-A" sand and missed the remainder of the "K40-A" sand and the "K40-B", "C" and "D" sands that were located in structural closure.
Upon completion of drilling at L53-G, the rig will move to either the L53-F exploration prospect located south of the L53-D East field or the L53-DC3 location which is an appraisal of the largest, structurally highest fault compartment in the L53-D East field. This compartment was originally tested by the L53-D discovery well drilled in 2009 that encountered approximately eight meters of oil pay in the "A7" sand. The six sands above the "A7" which are the primary reservoirs in the adjacent down thrown fault compartments penetrated by the L53-D2ST3, L53-DC1 and L53-DC2 wells were faulted out in the original L53-D well and will be targeted by the upcoming L53-DC3 well.
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