Australian firm Nido Petroleum Ltd. has been allowed to extend by another year its current exploration subphase for Service Contract 54 blocks A and B in offshore Palawan to give the company more time to complete the ongoing 2D seismic processing projects.
In a regulatory filing, Nido Petroleum said the Department of Energy has extended subphase 6 to Aug. 4, 2013, from the original lapse date of Aug. 4 this year.
“The 12-month extension to Sub-Phase 6 will enable Nido to complete the ongoing 2D seismic processing projects over the Lawaan-Libas Prospects in SC 54A and the Pawikan Lead in SC 54B and to fully integrate the results and implications of the new seismic data into the subsurface geological models and prospect maturation,” said Nido Petroleum managing director Phil Byrne.
Once it completes the seismic processing projects, the consortium operating SC 54A and B will be able to identify the drillable targets. It is expected that the involved parties will be drilling an exploration well within SC 54A anytime between Aug. 5, 2013, to Aug. 4, 2014.
Prospective resource oil-in-place estimates for Lawaan and Libas are estimated at 34.7 million barrels and 12 million barrels, respectively, while the prospective resource oil-in-place estimate for the Pawikan lead was seen at 2 billion barrels.
The Lawaan and Pawikan prospects are among the five blocks where Nido Petroleum plans to drill within the next two years. Other prospects are Balyena prospect, which is covered by SC58, and the Aboabo and Apribodo prospects, both covered by SC 63. Amy R. Remo