LISTED Philex Petroleum Corp. said on Tuesday the interpretation of new three- (3D) and two-dimensional (2D) data acquired from the Recto Bank is set to be presented later this week.
In a disclosure to the Philippine Stock Exchange (PSE), Philex Petroleum said Forum Energy Plc., the UK-based oil and gas exploration and production company with a focus on the Philippines, said in a statement that the interpretation of new 3D and 2D data acquired over the Service Contract (SC) 72 license area in 2011 is scheduled to be presented in final form to the Board later this week.
Philex Mining through its interests in FEC Resources Inc. and Philex Petroleum controls 64.45 percent of the share capital of Forum Energy.
The report is expected to show an improvement in the resources previously known.
Based on its website, Forum said it acquired more than 2,200 kilometers of 2D and 550 square-kilometers of seismic data over the block in mid-January to mid-March and that processing of the data was expected to be completed in September last year.
Forum’s website also noted that results from the 3D seismic programme and its interpretation performed by independent consultants, Count Geophysics Limited, indicated a mean volume of 3.4 trillion cubic feet (TCF) of gas in place from sands tested in the three wells drilled to-date and the extension of the structure to a possible closure of 290 square-kilometers giving a significant upside potential.
Forum added that additional untested sands, which are known to contain gas, could double this figure, and that block also contains 8 additional leads which require further work that has the potential to add a further 20 TCF in aggregate.
Manuel V. Pangilinan, Philex Mining Chair, earlier said they might soon look for financing to fund the drilling operations in the Recto Bank under SC72.
“We are arranging the relevant financing, the bulk of the funding will come from Philex Mining and the rest will come from other shareholders,” Pangilinan told reporters.
He made it clear that they have yet to finalise the financing, but it will definitely be funded mainly by Philex Mining. He also added that there are other shareholders in Forum, and that 30 percent of the concession is owned by Monte Oro.
Pangilinan added that they are on schedule with respect to their work programme in SC 72, and that they hope they won’t get delayed.
Pangilinan also said they are scheduled to drill two wells this year.