Northern Gulf Petroleum defaults on Manora
BANGKOK, March 23, 2015 – Australian exploration and production company Tap Oil and multinational exploration and production company Mubadala Petroleum, shareholders of the G1/48 concession and the Manora Oil Development, said that Thai exploration and production company Northern Gulf Petroleum is now in default under the G1/48 Joint Operating Agreement.
Tap Oil and Mubadala Petroleum hold shares of 30 percent and 60 percent, respectively.
Northern Gulf Petroleum (10-percent shareholder) did not pay its participating interest share of joint account expenses, totalling $27.1 million, when cash calls fell due.
The Manora Oil Development sits in the G1/48 concession in the northern Gulf of Thailand. Production began at the site on November 11, 2014, consisting of a platform, a floating storage offloading unit and development wells that offload via a pipeline.
Development plans include up to 15 wells – 10 production and 5 injectors.