DIALOG has announced that its 50.01% indirect owned joint venture company, Pan Orient Energy (Siam) Ltd. ('POES'), has been awarded the concession rights and operatorship for the L8/66 exploration block onshore Thailand.
The Concession L8/66 is subject to, among others, the finalisation and execution of the Concession Agreement, and the fulfilment of all conditions precedent stipulated in the Concession Agreement. The physical work is expected to commence immediately after the Concession Agreement is signed.
Following the joint bid submitted by POES and CanAsia Energy Corp in the 25th Thailand Onshore Bid Round, the Government of Thailand has awarded Concession L8/66 to POES and CanAsia for the development of L8/66 onshore block with a minimum work commitment of USD14.3 Million. POES will serve as the operator of the concession and will hold a 70% participating interest while CanAsia will hold the remaining 30% non-operating participating interest.
POES is a joint venture company between DIALOG’s indirect wholly owned subsidiary, Pan Orient Petroleum Pte Ltd (50.01%) and Sea Oil Energy Limited (49.99%).
DIALOG, through POES, currently operates the producing L53/48 onshore concession in Thailand. Concession L8/66 is located adjacent to the L53/48 concession area and was previously part of the same concession before being relinquished back to the Government of Thailand under the concession terms, which require portions of un-developed acreage to be surrendered over time. Following its award to POES, the block is expected to benefit from its proximity to L53/48 concession area with similar geological characteristics, offering POES access to additional acreage surrounding existing producing fields.
Sea Oil is a Thailand-based energy and marine services company established in 1997 and headquartered in Bangkok. Its businesses range from exploration and production, marine and land fuel distribution to catering and offshore services. CanAsia is a Canadian publicly listed junior oil and gas company focused on identifying, evaluating and advancing of oil and gas exploration and development opportunities.
The award of Concession L8/66 to POES further strengthens DIALOG's upstream portfolio and creates operational synergies by leveraging on the Group’s Integrated Technical Services across its diversified business model. This positions DIALOG to capture future growth opportunities, support the Group’s provision of services, and contribute to long-term business sustainability.
Source: DIALOG
