Exploration & Production | Government & Regulatory
OOI Gets Green Light for Petroleum Concession Onshore Thailand
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Oil Optimization Inc. has reported that Thailand's Ministry of Energy has approved its application to extend the Company's exclusive petroleum concession for three years, including an additional three-year option.
The extension may be subject to a deduction to the Company's performance bond in the amount of one million dollars and discussions with relevant government officials are ongoing.
Management will now proceed to submit a multi-well environmental impact assessment report for governmental review and approval. A drilling program is also in the advanced planning stages and will commence once necessary permits are issued.