Under the deal, Pan Orient can acquire 60% of the concession and become the operator after it acquires the about 80km2 of 3D seismic data late in the first quarter of 2013 and drilling two exploration wells.
The onshore concession L45/50 covers about 1,990km2 is next to Pan Orient’s operated 100% working interest Concession L53/48.
The two concessions have limited old vintage 2D seismic data covering northern area and a combined program for the two concessions is scheduled to begin late in the first three months of 2013.
Pan Orient’s farm-in agreement, which is subject to approval from the Thailand government, is anticipated in about three to four months time.
