PTT Exploration and Production Plc (PTTEP), the country's sole petroleum explorer, has discovered a new oil field in Algeria.
The new find is in Mouia Aissa-1, the sixth exploration well under the Hassi Bir Rekaiz project in the North African country.
Tevin Vongvanich, the president and chief executive, said the well was drilled in mid-November, and PTTEP discovered a crude oil flow of about 5,243 barrels and natural gas flows of 5 million cubic feet per day, the highest rates on record for the project.
PTTEP and its partners have planned nine exploration phases of the wells from late 2011 to early next year. At present, six wells have been drilled, five of which were successful.
The alliance is now working on the flow test of the seventh well.
Located onshore in eastern Algeria, the project covers an area of 5,378 square kilometres. PTTEP is the operator with a 24.5% share. Sonotrach, the Algerian national oil-and-gas company, has a 51% interest, and Cnooc Ltd, China's largest producer of offshore crude and natural gas, owns 24.5%.
PTTEP also jointly operates the Bir Seba field in Algeria.
Shares of PTTEP closed yesterday on the SET at 156.50 baht, down three baht, in heavy trade worth 1.33 billion baht.