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Philippines: Pawikan lead off Palawan is studied

Nido Petroleum Ltd. has advised Kairiki Energy Ltd. that Nido is reviewing the opportunity to shoot further 2D seismic in the next few months over the Pawikan lead on SC 54B off Northwest Palawan Island in the Philippines using a vessel that may be in the area.

Kairiki Energy said the recent discovery of a 187-m hydrocarbon column in the Gindara-1 well, although not commercial, has highlighted the exploration prospectivity of the block when considered in combination with the potentially encouraging results from the reprocessing of seismic over the central and southern parts of the permit.

The Pawikan lead in the central part of the block has been identified on existing regional seismic data, and Nido Petroleum estimates Pawikan to have the potential to contain more than 700 million bbl of oil in place, unrisked.

This additional seismic would be subject to joint venture approval and intended to mature the Pawikan lead for possible drilling in the future.

Seismic surveying in SC 54B and the ongoing farmout of interests in SC 54A, which involves the funding of a drilling program by the farmee, would greatly progress Kairiki’s exploration and evaluation efforts in the next 12-18 months, Kairiki Energy said.

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