Northern Gulf Petroleum defaults on Manora
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.
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