The Pattani Basin is located in the Gulf of Thailand and extends into Cambodia where a maritime boundary dispute has historically curtailed exploration. Exploration can largely be split between the oil prone north and the gas prone south. The oil play is mature and future exploration will mostly target near field prospects of less than 10 mmboe. Any discovery could be brought onstream rapidly and cheaply through short tie backs to existing infrastructure. The gas play offers the largest yet to find potential but low prices limit future value creation. The 21st Licensing Round is likely to be relaunched in early 2017 and offer new PSC terms alongside existing concession terms. This exploration basin report provides a detailed analysis of recent exploration and future expectations including discovery and development costs maps and details of licensing and fiscal terms. We also evaluate the yet to find volume and value potential. The report is accompanied by multiple excel downloads.