The 50:50 joint venture is believed to be the only bidder for the permits – L52-50 and L53-50 – which cover 6950 square kilometres and have limited seismic coverage and contain only one deep well each.

Pearl, which is based in Singapore, would act as operator of the blocks.

Carnarvon managing director Ted Jacobson said the blocks represented longer-term exploration potential on top of the near-term potential and oil production from his company’s position in the Phetchabun and the mid-term potential in the Phitsanulok Basin.

“With minimal exploration over the area, little public knowledge is available about the Surat-Khiensa Basin,” he said.

“However, work completed to date and Carnarvon’s regional knowledge suggests this is an area with good potential for hydrocarbon exploration.”