Sunda Energy plc has been awarded non-operated interests in two petroleum service contracts for licence areas, offshore the Philippines.
HIGH IMPACT
The company bid in a group with operator Triangle Energy (Global) Ltd, PXP Energy Corporation and The Philodrill Corporation.
Sunda holds a 37.5% interest in the two blocks located in the southwest of the Sulu Sea, within the Sandakan Basin, in depths of less than 100 metres to greater than 3,000m.
The company said that block SC-80 holds estimated combined 1C contingent gas resources of 181 to 221 billion cubic feet; 2C of 470 to 574 bcf; and 3C of 1,317 to 2,504 bcf.
SC-80 has an estimated Pmean prospective 10,088 bcf gas.
Block SC-81 prospective trend has undergone several 3D seismic surveys and has a “number of seismic anomaly-supported prospects and leads”.
Sunda said it had “extensive” knowledge of the fields and jurisdiction.
“These assets offer Sunda the potential to uncover high impact appraisal and exploration targets which should be of interest to major E&P players,” added chief executive officer Dr Andy Butler.
“We look forward to working closely with Triangle and our other joint venture partners as we leverage the extensive data set that exists to set about unlocking that potential quickly and at relatively low cost.”
The awards were in the first conventional energy bid round of the Bangsamoro Autonomous Region of Muslim Mindanao.