The Background History
Surrounded by the countries of Malaysia, Thailand, Cambodia and Vietnam, the Gulf of Thailand is a shallow arm of water attached to The South China Sea. With a total coastline that stretches approximately 2,600 kilometers and an average water depth of 45 meters, the Gulf of Thailand creates a very attractive environment for shallow water oil drilling and exploration.
Chevron Corporation (NYSE:CVX), the original explorer, discovered the first natural gas pockets in the region during the early 80s. Several years later, Premier Oil Plc. (LON: PMO, OTCPK:PMOIY), an oil exploration company, began to conduct wildcat drilling activities in the Thai block G5/43 region; this exploratory drilling proved successful. According to Bill Phelps, Chief...
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