Under the terms of the agreement, KrisEnergy will acquire MP G10 which has a 75% operated interest in the G10/48 license in the Gulf of Thailand.

KrisEnergy chief executive officer Keith Cameron said, "In anticipation of this transaction, we have been building our technical resources in Bangkok and in Singapore and we now have a team in place covering all aspects of the Wassana development from geology and geophysics, reservoir engineering, project engineering and drilling to expedite the production of Wassana oil."

KrisEnergy will hold a combined 100% working interest and operatorship of the block upon the completion of the MP G10 transaction.

KrisEnergy Director Exploration & Production Chris Gibson-Robinson said that the transaction provides KrisEnergy with additional contingent resources to transform into 2P reserves as the project progresses.

"Whichever concept is selected, an initial 12 to 14 wells will be drilled in the first phase of Wassana development," Gibson-Robinson added.

"We have additional contingent resources from the Niramai and Mayura oil discoveries, which we will review, and there are further prospects and leads."