The Sun Resources (ASX: SUR), Raisama (ASX: RAI) and Carnarvon Petroleum (ASX: CVN) joint venture at the L20/50 onshore concession in Thailand is preparing to run wireline logs at Tapao Kaew #1, which was spudded earlier in the month.
Carnarvon, the operator, said Tapao Kaew #1 has set surface conductor to a 23.5 metre measured depth, drilled 17 1/2” hole and set 13 3/8” casing to a depth of 129 metres.
Subsequently, the 12 ¼” hole has been drilled to a depth of 605 metres.
Operations in the next couple of days will include completing the intermediate section logs and setting the 9 5/8” casing.
The Tapao Kaew #1 well is expected to penetrate the first of the well objectives in the 8 ½” hole section within the next 3-4 days, before reaching a planned total depth in around one week.
The JV potentially will cover three well sites.
The first, Tapao Kaew-1 is part of the Tapao Kaew prospect targeting a gross speculative potential resource of 21 million barrels.
The second well site, Krai Thong, is estimated to have a gross speculative potential resource of 37 million barrels.
The third well site, Chalawan, is estimated to have a gross speculative potential resource of 32 million barrels.
Sun will maintain a significant 42.5% interest in L20/50 following farm-out to Peak.
A major benefit for potential early cash flow is any discovery at L20/50 can be very quickly commercialised with crude oil transported by truck to one of Thailand’s nearby oil refineries for sale.