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G1/48 Concession Gulf of Thailand Joint Venture Restructuring

Source: www.gulfoilandgas.com 3/12/2020, Location: Asia

Tap Oil Limited provides the following update on the joint venture over the G1/48 Concession in the Gulf of Thailand (Concession), which includes the Manora Oil Field Production Area and is operated by MP G1 (Thailand) Limited (Operator), a subsidiary of Mubadala Petroleum Limited.

Northern Gulf Petroleum has agreed to transfer its 10% shareholding in the G1/48 Manora block to the operator Mubadala Petroleum G1 (Thailand) Limited (Operator).

As a joint venture party, Tap has consented to this transfer. The transfer will become effective upon the execution of the relevant supplementary Concession pursuant to the Thailand Petroleum Act BE 2514, 1971 (as amended from time to time).

Upon finalization of the transfer, the interests in the Concession will be: Tap Energy (Thailand) Pty Limited 30% MP G1 (Thailand) Limited 70% and Operator.

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