Ownership: Otto Energy 78.18% (and Operator), Red Emperor 15%, Palawan 55 6.82% Status: Exploration Location: Offshore - Palawan Basin, Philippines Area: 9,880 km2
Hawkeye prospect on track to be drilled in July 2015
Fully funded for drilling of Hawkeye-1 well following successful farm down process and $US24.5m funding from BHP Billiton 'Best Estimate' Net Prospective Resource of 89MMbbl
Success at Hawkeye will unlock a significant new hydrocarbon play in the deep water Southern Palawan region Material follow up potential already mapped on 3D seismic*
Service Contract 55 (SC55) is a deep-water block located in the southwest Palawan Basin, covering an area of 9,880km2. The block is in the middle of a proven regional oil and gas fairway that extends from the productive Borneo offshore region in the southwest, to the offshore Philippine production assets northwest of Palawan. SC55 is not located in disputed territory.
SC55 contains a number of distinct exploration play types including the Hawkeye turbidite clastic prospect and the material Cinco carbonate gas/condensate prospect, as well as a number of follow-up leads.
Interesting about this particular drill, odds of Gas finds are stated at 70-80%, ship drilling is a modern built in 2014 with a DP-3 dynamic positioning system and can accommodate up to 230 people.
SC55 is a deepwater block covering an area of 9880sq km, located in the middle of a proven regional oil and gas fairway, which extends from the offshore Borneo region, southwest of the offshore Philippine production assets and northwest of Palawan.
The Hawkeye prospect was identified on 2D seismic in 2007 and further defined with a 600sq km 3D seismic acquisition in late 2009. Hawkeye contains approximately 480 MMbbls of oil and is planned as a vertical exploration well to test the classic late Miocene Pagasa formation.
Otto, an Australian upstream firm primarily focused on Southeast Asian and onshore east African exploration said it plans to target the crest of the Hawkeye structure and evaluate results. Upon completion of drilling, the well be plugged and abandoned.
Constructed by Samsung Heavy Industries in 2014, Maersk Venturer is an American Bureau of Shipping (ABS) classified ultra deepwater drillship equipped with up to 40,000 ft drilling capability. The drillship features Multi Machine Control (MMC), a computerized control system, and the main well centre derrick capacity is rated to 2.5 million pounds. The crown sheaves, travelling block and main well centre top drive are rated for 1250 tons. Over 50,000 ft of drill pipe can be racked, including a heavy-duty drill pipe casing landing string. The drillship is designed with a DP-3 dynamic positioning system and can accommodate up to 230 people.”
Drilling to start first week in August, just over 4 weeks to wait :)
"“The drillship Maersk Venturer which is currently in Labuan, Malaysia, is expected to arrive at the well location by 31 July 2015, with actual drilling to commence 1 to 2 days thereafter,” Trans-Asia Petroleum Corporation (TAPET) said in a disclosure to Securities and Exchange Commission today, July 2.”
For a share price rise but it has already doubled do these share prices go up like the dragon oil days or will we have to wait for a find only time will tell but still a long way off spud I hope it gets ramped like the old days I remember in the rig office one guy told me to buy into his about 18 p I always think I hope it gets back to them days for you Chris
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