By OGJ editors
HOUSTON, June 12 -- Vital Resources Corp., Calgary, plans to acquire 100% of private Bentley International Oil Ltd.'s interest in a May 26 farmout agreement with NorAsian Energy Ltd. of the Philippines that covers service contracts 50, 51, and 55 in the Northwest Palawan-Mindoro basin.
NorAsian and Vital plan to develop the Calauit oil discovery using three horizontal wells. That development "will provide the oil production revenue to advance the additional world class drilling targets that have been identified on this 3.7 million acre land position," said Vital.
The agreement gives Vital the right to individually earn a 30% net working interest in each service contract.
Calauit-1B, an early 1991 discovery on 425,000-acre SC 50, is calculated to have 8.91 million bbl recoverable, or 16.3% of oil in place. The well, in 292 ft of water 100 miles north of Palawan Island, flowed 3,200 b/d of 32.6° gravity oil from a late Oligocene limestone. TD is 7,282 ft.
Calauit was to have been the subject of an extended production test in 1997 (OGJ, Feb. 10, 1997, p. 64).
Vital plan to reenter Calauit-1B in late 2006 or early 2007 and drill a 500-m lateral at the top of the 154-m thick oil column. The first lateral is likely to produced 10,000-15,000 b/d. At 2.1 miles south-southeast is South Calauit-1, which flowed 3,286 b/d in early 1992.
The plan for 1.1 million acre SC 51 in the East Visayas basin calls for seismic in mid-2006 and drilling in 2007. The block has the undeveloped Villaba-1 discovery with a 19-m gas column on the Leyte Block and a number of seismic prospects on the Cebu Straits Block.
The plan for 2.2 million acre SC 55 in the Southwest Palawan basin is for seismic in mid-2006 and drilling in 2008. Several large geologic structures including reefs and turbidite sands have been identified.
