January 6, 2008
TWINZA Oil Ltd signed a Concession Agreement with Thailand’s Department of Mineral Fuels, under the Ministry of Energy, for exploration of oil and gas in two onshore blocks in the northern part of Thailand on December 19.
Twinza is the operator of the large Yetagun East offshore block in the Gulf of Mottama.
According to the agreement, Twinza will explore the L7/50 and L13/50 onshore blocks in Thailand.
Christopher Drew, Twinza’s Myanmar country manager, said the company has high hopes for the two onshore blocks because they are geologically similar to the nearby Phu Horm gas field, which has reserves of 4 trillion cubic feet of natural gas.
“Due to the block’s proximity and geological similarity to the very large Phu Horm gas discovery, the prospects look rather exciting,” he said.
“Some of the Twinza team members were involved in the Phu Horm discovery so we intend to deploy those insights in the exploration of the L7/50 and L13/50 blocks,” he said.
According to Mr Drew, the company acquired the two onshore at the 20th bidding round in August 2007, which attracted interest from international and regional players.
Under the agreement the company will make an environmental impact assessment, conduct geotechnical studies and acquire seismic data within the blocks. Mr Drew said an exploratory drilling program would follow if merited.
The onshore blocks in Thailand mark Twinza’s second acquisition of blocks in the ASEAN region. The company signed a production sharing contract with Myanma Oil and Gas Enterprise to explore the Yetagun East block in Myanmar last year. That block is adjacent to the Yetagun gas field that exports 400 million cubic feet of gas a day to Thailand.
Mr Drew said Twinza’s objective is to become a successful junior exploration company through further acquisitions and by leveraging the company’s advanced technical abilities and experience in the region.
Source: The MM Times