Project Profile
Location: East Palawan Basin, Philippines
Area: 9,839 km2
Water Depth: 70m
Loyz Energy Limited has expanded its concession portfolio with a newly awarded petroleum service contract for Area 14, located off the shores of the Philippines. Area 14 covers an offshore area of 9,839 km2 with water depths ranging from 200 to 3,000 metres and is one of 15 blocks, offered by the country\'s Department of Energy for the Fourth Philippine Energy Contracting Round in early 2012. Loyz Energy will be working with the Department of Energy to finalise and execute the petroleum service contract for this area in East Palawan Basin, which is reported to be one of the most prolific producing basins in the Philippines. Before presenting the bid, the company conducted preliminary seepage studies on the block and they yielded promising results. Now that it has secured the award, Loyz will map out a work programme to fast-track the potential development in the area, which includes the processing of available seismic data.
Over 5,000 km 2D seismic traverse the Area. Only two wells have been drilled in the Area. Although both are dry, oil and gas shows have been encountered nearby, proving the existence of an active petroleum system. Area 14 lies in the southern part of the East Palawan Basin. Proven Hydrocarbon environment The East Palawan Basin contains 3-5 km of early Miocene to Pleistocene sediments. Key play types in the Area are anticlinal and tilted fault block traps. The estimated mean total risked recoverable resources (excluding unmapped resources) in the East Palawan Basin are around 116 MMbbl oil and 279 Bcf gas.
Operators:
Loyz Energy Limited: Operator with 100% interest