The share price of Sea Oil PCL (SEAOIL) stood at 2.48 baht on the Wednesday morning session closing (12:30 p.m.), rising up by 0.16 baht or 6.90 per cent.
The surge in the share price reportedly came from the discovery of its new crude oil source on L53/48 concession.
Earlier, the highest point on Wednesday morning stood at 2.52 baht at 11:32 a.m., moving up by 8.62 per cent or +0,20 baht.
The company has reported its progress on petroleum exploration in the second phase of 2020. The drilling project on the onshore concession L53/48 was planned to compress water from the L53-DD8 structure capacity.
Traces of crude oil were found before reaching the final depth of 1,353 meters. There are three layers of sandstone with crude oil storage with a total thickness of 19.27 meters.
SEAOIL said that these rock layers are in continuation of the earlier crude oil production.
As a result, the company is intending to complete all oil production first before transferring the drill used for water compression in the future, while the drilling platform was moved to the L53-DD7 site in the south of the DD structure.
This is the last drilling operation in the second phase of 2020.
However, the company postponed the existing drilling operation until at least the end of 2020 due to the low oil price and the spread of COVID-19.
The global oil trade situation is flushed with excess crude oil at the moment which could cause the new reserve finds of SEAOIL to be futile to the investors.