Oil Optimization receives positive seismic interpretation confirming direct hydrocarbon indicators on its North Phetchabun Basin Onshore Thailand
Tuesday, Feb 12, 2013
Oil Optimization Inc. (TSX VENTURE:OOI) (the "Company") announced that, further to its press release of October 31, 2012, management has received an updated seismic data mapping report on Block L14-50 from Alconsult International Limited ("Alconsult") of Calgary, the Company's independent geophysical consultant. The report is based on the interpretation of 50 kilometres of infill 2D seismic data acquired by the Company in September 2012 and 150 kilometres of vintage 2D seismic data acquired from the Royal Thai Government.
The report confirms the presence of a 25 kilometre long faulted horst block, flanked to the east and west by narrow grabens with 1,200 meter thick Tertiary-age sections. Two independent four-way structural closure traps have been matured with the new infill seismic data and closure is mapped for the entire Tertiary-age section above the crest of the pre-Tertiary horst block. Faulting is present parallel to the horst block axis and "bright spot" seismic amplitude anomalies, often associated with hydrocarbons, are interpreted by Alconsult at multiple horizons adjacent to the faults.
Luc Desmarais, President and CEO of the Company, stated that "everyone involved in the project is encouraged by the positive interpretation and presence of "Direct Hydrocarbon Indicators", which we believe significantly increase the probability of an active petroleum system in the north Phetchabun basin. The Alconsult report clearly supports our view that the two mapped prospects offer substantial oil resource potential, consistent with estimates stated in our National Instrument 51-101 report on undiscovered prospective resources, prepared by Petrotech Engineering Limited on April 30, 2011. Furthermore, the on-trend seismic leads to the two prospects provide solid follow-up exploration potential with success in the initial drilling program."
Management is currently preparing an environmental impact assessment, as required by the Ministry of Natural Resources and Environment, and will commence drilling as soon as approvals are obtained.
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