- Mid Case (2U) Prospective Resource at the Halcon exploration prospect in SC-80 Philippines permit has increased from 2.6 TCF to 8.0 TCF gross
- Low (1U) and High (3U) estimates have increased from 188 Bcf and 19.9 TCF to 1.7 TCF and 22.6 TCF gross respectively
- The increases could have a material impact on any farm-out deal and therefore the value created by Tetragon and its JV partners
Tetragon Energy has announced a significant increase in the prospective resources of one of its key exploration prospects in the Philippines. The Halcon prospect Gross 2U (P50) Prospective Resource has increased from 2.6 TCF of recoverable gas to 8.0 TCF of recoverable gas, with a Gross 1U (P90) increase from 188 bcf to 1.7 TCF and a Gross 3U increase from 19.9 TCF to 22.6 TCF, see Table 1. In addition, the geological chance of success has improved from 18% to 24%.
This increase follows a more detailed evaluation of the available seismic data obtained from the Philippines Department of Energy and the engagement of a sedimentological expert in order to make comparisonsto recent analogous discoveries made in nearby basins.
Tetragon Energy holds a 37.5% interest in, and is operator of, Permits SC-80 and 81 with partners Sunda Energy, Philodrill and PXP Energy in the Philippines, north of Borneo (Figures 1 & 2), in the area jointly licensed by the government of the Philippines and the Bangsomoro Autonomous Region in Muslim Mindanao (BARMM). Recent discoveries have been made by ENI and Petronas in the Indonesia and Malaysia deepwaters of Borneo which Tetragon believes are geologically analogous to Tetragon’s acreage in the Philippines deepwaters of Borneo. For instance, Tetragon believes that the 5TCF GIIP and 400 million barrels of condensate Geng North discovery made by ENI in 2023 is highly analogous to the Halcon prospect in SC-80 (Figure 3).
Seismic reprocessing of the 4,600 sqkm of existing 3D seismic data is ongoing and will be used to further delineate the Halcon prospect, the existing discoveries Dabakan and Palendag (2C 470bcf) and to mature many other prospects. Early reprocessing results are expected in the New Year with the full dataset available from mid-2027. Tetragon will be engaging with international companies with a view to those companies funding the drilling of exploration wells that the Company believes will prove up the volume and enable a material value multiplier.
Tetragon Managing Director Conrad Todd, noted 'This three-fold increase in our Mid Case (2U) prospective resource for a key prospect in our Philippines acreage highlights the true scale and opportunity we have in these exciting permits. We believe that with our extensive experience in this and the adjacent analogous basins Tetragon will unlock the potential of this basin and prove it to be on the scale of those in adjacent Malaysia and Indonesia waters where numerous gas and oil discoveries of significant volume have been discovered. Tetragon recently listed on the ASX and we are looking to grow the prospectivity of our existing acreage and to expand through new ventures.'
Click here for full announcement (with maps)
Source: Tetragon Energy
