Tetragon commences initial step in its exploration program over offshore permits in the Philippines
Highlights
- Four existing 3D seismic surveys covering more than 4,000 sq kms over offshore permits SC-80 and 81 to be reprocessed using the latest techniques
- Processing contract for US$1.45 m (A$850,000 net to TET) awarded to DUG Technology
- Initial fast track seismic products expected to be delivered in 6 months, with the final processed dataset expected in 12 months
- This reprocessed data will be used to better define the prospectivity of the two permits and will pave the way for discussions with potential farm-in partners
Tetragon Energy advises that it has taken the first key step in its strategy to unlock the value of its highly prospective Philippines oil and gas permits, awarding a contract to re-process the extensive seismic data.
Tetragon is operator of the offshore SC-80 & 81 permits, which includes partners Sunda Energy, Philodrill and PXP Energy.
The contract to reprocess the four 3D seismic surveys (see Figure 1), plus some additional 2D surveys over the permits has been awarded to DUG Technology Ltd (DUG), an Australian seismic processing company based in Perth. DUG’s expertise, state-of-the-art processing and imaging technology, and global supercomputing network, will ensure that the value of these seismic datasets is maximised.
These 3D surveys, which Tetragon has obtained for free, would have cost more than US$20 million when originally acquired between 2005 and 2013.
The Joint Venture has spent several months locating and exporting the data tapes to Perth, where they have been copied from their original tapes to modern media. The JV will spend US$1.45 million over the next year on reprocessing the existing seismic data which is expected to significantly increase the data quality and confidence in the prospects located within these permits.
Tetragon Managing Director Conrad Todd said:
'The award of this contract is a pivotal step in our strategy to create substantial value because the results will underpin discussions with potential farm-in partners.
'By outlining prospects and the existing discoveries in the permits, we will be able to demonstrate the immense upside in these permits to major oil and gas companies'
DUG Managing Director Matt Lamont said:
'DUG has a long-standing working relationship with members of the Tetragon Board and senior management. We are delighted to have the opportunity to work with Tetragon on this important project and look forward to supporting its successful delivery.'
Source: Tetragon Energy
