Peak Takes Sun Resources Interest in Thai Block

Sun Resources has signed an agreement to subcontract a 20% working interest in block L20 / 50 in Thailand to Peak Oil & Gas.

Peak will carry up to $3.43m of Sun Resources’ share of well costs in the drilling programme with operator Carnarvon Petroleum.

Together they will test up to 60 million barrels of unrisked, gross speculative, potential oil resources and Peak will earn its interest in three stages, subject to the number of wells drilled.

Peak will contribute $1.3m of Sun Resources’ share of the costs of the first L20 / 50 well to earn a 7.5% working interest in L20 / 50.

Peak will provide $0.98m toward Sun Resources’ costs of a second well to earn an additional 7.5% working interest in L20 / 50.

Peak also has an option to add $1.15m of the other firm’s share of the costs of a third well for an additional 5% working interest in L20 / 50.