Block L45/50

Mitra was awarded a concession for onshore Blocks L45/50 & L46/50 (100% equity) on 21st January 2008, as part of Thailand's 20th Bidding Round. These blocks, each 3,983 square kilometres in area, cover Greater Bangkok and areas to the west, north and east. The area of the two blocks is equivalent to 346 Gulf of Mexico, or 33 Central North Sea blocks. The blocks are located in the southern part of the Chao Phraya Basin and contain parts of three separate sub-basins, the Thon Buri, Ayutthaya and Suphanburi sub-basins. The Suphanburi Sub-basin currently produces oil from Tertiary sandstone reservoirs.

Following further detailed technical evaluation of Block L46/50 it was decided to relinquish the block, by not entering into the Second Obligation Period of the exploration phase, due to the extreme difficulty of conducting operations in the SW part of the block in the city of Bangkok. Block L46/50 was formally relinquished on 21st January 2011. As such, Mitra operates only Block L45/50, which is currently in its Second Obligation Period of the exploration phase.

Exploration has been focused mainly on the Thon Buri sub-basin for Tertiary sandstone and possible fractured volcanic targets. Resource potential is expected to be in the 4-12 mmbo range, with a moderate (15%-25%) chance of success. However, even modest amounts of oil or gas discovered in this area may be quickly monetized at a relatively low development cost. Despite earlier exploration of the block yielding disappointing results, Mitra believes the true potential of the block is yet to be properly tested.

Mitra completed the seismic work programme in early 2010 by acquiring 30 square kilometres of 3D seismic data and 120 line kilometres of 2D seismic data in Block L45/50. An exploration well is planned for early 2012.