Caltex Reports New Oil And Gas Find In Thailand

SKorea's GS Caltex reports oil and gas find in Thailand

SEOUL (XFN-ASIA) - GS Caltex Corp said it made an oil and gas discovery in the first exploration well of the onshore Thailand block L10/43.

The company said it has found two oil bearing zones rated at approximately 1,254 barrels of crude per day and 0.72 mln cubic feet of gas a day.

Blocks L10/43 and L11/43 - in which GS Caltex has a 30 pct interest - are in the northern vicinity of Sirikit Oil Field, the country's largest oil producing field onshore, and show similar geological characteristics with the oil-producing Pattani Basin offshore, it said.

The quality of crude oil found in the well is good without any water of sulfur by-product, the refiner said.

Mitsui Oil Exploration Co Ltd holds the remaining 70 pct interest in the project, it said.

The GS Caltex said additional exploration in other prospects within the blocks will continue during the second exploration phase starting from 2007.

The consortium expects to enter into production earlier than initially planned if further drilling work verifies the feasibility of the project, GS Caltex said.

Source: XFN - 4 December 2006