The minimum work obligations under the terms of the Block M PSA are to obtain and process at least 80km of onshore 2D seismic data and 500km of offshore 2D seismic data and drill minimum three onshore exploration wells, each to a minimum depth of 1,150m.
The Block M PSA allows for the replacement of two shallow wells with one well to at least 2,300m, KOV said.
The Phase 2 seismic obligation was converted into a 136 sq km 3D program, which was completed in December 2010.
The remaining obligation in Phase 1 consists of drilling 1 well to a depth of 1,150m.
Under the terms of the Block M PSA, the Block M JV was granted the right to explore for and produce oil and natural gas from Block M with PetroleumBRUNEI’s permission, if hydrocarbons were discovered.
The Block M JV has until now acquired 254 sq km of 3D seismic data and drilled and cased the Mawar-1 and Markisa-1 wells.
