Project Profile
Value: $5.4 million (best) US$30 million (high)
Startup Year: 2015
Location: Service Contract Area (SC54), Area B, Philippines
Prospective Resources: 655 million barrels
The project has seen Signal Head have two wells drilled in 70m during 1977 and 1979, which found oil in a Lower Miocene reef formation similar to the nearby producing Nido and Matinloc fields. The discovery was declared non-commercial at the time; however the current, much higher oil price, vastly improves the development potential.
SC 54 B contains the Pawikanh prospect (613 million barrels prospective resources), a structure around 53 square km in size with a vertical relief of around 300 metres. It also contains the Lapulapu (25 million barrels) and Gindara West (17 million barrels) prospects. The operating venture had no plans to drill Pawikan or any other prospect in Block B as of June 2017. Nido had obtained a 3-year moratorium holding the SC 54 B licence for the period between August 2014 and August 2017.
Operators:
Nido Petroleum Ltd.: Operator with 33% interest
Shell: 45% interest
Kairiki Energy: 22% interest
Contractor:
Atwood Oceanics: Drilling contractor