Sun Resources NL (ASX: SUR) and partners will evaluate the Krai Thong #1 well in the next few days using a suite of wireline formation evaluation logging tools.
Operator of the joint venture in onshore Thailand, Carnarvon Petroleum (ASX: CVN), said several zones of interest with sandstone character, elevated resistivity, and minor oil shows have been interpreted in the well.
Krai Thong #1 is the second of three potential well sites for the joint venture with Sun holding a 42.5% interest, Carnarvon 50% and 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.