Sun Resources NL (ASX: SUR) and partners will complete drilling at the Krai Thong #1 well in onshore Thailand in the next three to four days, where the well is planned to intersect the target objectives within the 8 ½” hole section.
Drilling has already been completed down to 605 meters, with a 9 5/8” casing, with the final objective to reach a depth of 1425 metres.
Krai Thong #1 is the second of three potential well sites for the joint venture with Sun holding a 42.5% interest, Carnarvon Petroleum (ASX: CVN) 50% and operator, with Peak Oil & Gas 7.5%.
Krai Thong is very strategically located in the Phitsanulok basin, around 350 kilometres northwest of Bangkok and 60 kilometres south of the Sirikit oil field.
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.
A potential third well site for the joint venture, Chalawan, is estimated to have a gross speculative potential resource of 32 million barrels.