Uchenna Izundu
International Editor
LONDON, Feb. 9 -- Salamander Energy PLC will shoot a 600 sq km, 3D seismic survey over Service Contract 41 SC41 in the Philippines' Sandakan basin under a farm-in agreement with operator Tap Oil Ltd.
Salamander will gain a 35% stake in SC41. The seismic data will help the partners to develop a better understanding of structural leads on a prospective deepwater fold belt, along trend from the Wildebeest-1 exploration well in SC41, which discovered 40º gravity oil in 2000. The partners plan to start drilling in 2008.
SC41 spans 4,820 sq km in 200-2,000 m of water and 6 wells have been drilled on the block, with one in the fold belt, Wildebeest-1. It has several play types that may have the potential for 50-150 million bbl of oil accumulations.
The Philippines government and other partners in SC41 need to approve the farm-in before it can be finalized. Tap Oil will have a 50% interest under the agreement.
Contact Uchenna Izundu at [email protected].
