From Otto Energy report on Duhat-2:
During drilling at Duhat-1, oil and gas indications were observed and during acquisition of the recent seismic data oil seeps were encountered in exploration shot holes. All of this evidence demonstrates that Leyte and in particular the San Isidro area contains an active petroleum system.
With the excellent fiscal terms in place in the Philippines even a modest oil discovery at Duhat is likely to be commercially viable.
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Don't you think that chances of encountering a dry-well here are very small?
Why are you guys still pessismistic and only foresee around 10% chance of success?
chance of success drilling at cinco , page-12
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