- Triangle and JV partners have been awarded two offshore Service Contracts (SC-80 and SC81) in the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM) following successful bids for blocks PDA-2 and PDA-3 in the 2024 Philippine Bid Round and 1st BARMM Conventional Energy Bid Round.
- Blocks lie in the Sandakan Basin of the Sulu Sea, the least explored of the prolific CircumBorneo basins with no production to date. SC-80 contains two undeveloped gas discoveries drilled in 2009 and 2010.
- Contingent 470 Bcf gas and 5 MMbbl Condensate 2C (Gross) recoverable in two existing discoveries (176 Bcf and 1.9 MMbbl net to Triangle).
- Multiple exploration prospects and leads on both blocks covered by extensive 3D and 2D seismic. Multi-TCF gas resource potential.
- Excellent fiscal terms.
Triangle Energy Global has been awarded two offshore Service Contracts (SC-80 & SC-81) in the BARMM area of the Sulu Sea in the Philippines (Figure 1). Triangle is the operator of a joint Venture (JV) comprising Triangle (ASX:TEG) 37.5%, Sunda Energy Plc (SNDA.L) 37.5%, Philodrill Corporation (PSE:OV) 12.5% and PXP Energy Corporation (PSE:PXP) 12.5%. The Permits contain two existing gas discoveries and numerous wells with hydrocarbon shows. They are located in a relatively underexplored part of the broader Circum-Borneo hydrocarbon province, which has seen the discovery of significant oil and gas resources, including hundreds of trillions of cubic feet (TCF) of gas and billion barrels of oil (Bbo) (Figure 2).
Permit SC-80 contains the Palendag-1 and Dabakan-1 gas and condensate discoveries which are classic CircumBorneo toe thrust fold belt structures containing multiple turbidite sandstone reservoirs (Figure 3). Contingent Resources (2C) in the two discoveries of 470 Bcf of gas and 5 MMbbl (million barrels) of condensate (Gross, 176 Bcf and 1.9 MMbbl net to triangle) have been reported by the previous operator (Jadestone Energy ERCE report dated 15 July 2018, released to the London Stock exchange1). The discoveries were drilled by Exxon in 2009 and 2010 but were not developed at the time due primarily to low gas prices and economic materiality concerns. Triangle and its Joint Venture partners consider that the current market conditions allow for a more positive assessment of economic potential of these fields.
The Jadestone contingent resource report contains the following tables which detail the calculated gas (table 1) and condensate (Table 2) contingent resources:
In addition to the discovered gas, there are several significant exploration prospects within the fold belt and basin floor fans within and outboard of the thrust fold belt. There are also indications of older carbonate deposits which exhibit reef-like characteristics.
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Source: Triangle Energy
