press reports

Amazed with so many positive press reports regarding BHP SC55 and the Cinco prospect over the last 2 months that the SP and volume hasnt been impacted at all ???
Add to that
Otto heading towards $100M+ net revenue in 2014 from Galoc.
Drilling highly prospective Duhat well
Drilling highly prospective Galoc North well
SC69 2x 200M+ barrel prospects for Farm out ?
Sizeable Tanzanian Blocks.
New Philippine Block (s).



BHP Billiton targets gas bonanza off Philippines
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By Amanda Battersby Singapore
11 October 2012 22:59 GMT
Australia’s BHP Billiton is to become the latest heavy hitter to drill off the Philippines, where the government still has high hopes a structure to rival the Shell-operated giant Malampaya field can be found.

BHP Billiton is expected in the first quarter of next year to spud its debut wildcat on deep-water Service Contract 55 off north-west Palawan, where there is multi-trillion cubic feet of gas potential and some liquids, according to a government official.

The operator’s first well will aim at the Cinco prospect that has targeted reserves of 2.1 Tcf of gas and 74 million barrels of condensate.

BHP Billiton, which farmed into the block this year, is in talks to secure a rig for this probe.

“While we have been looking at Recto Bank as the next Malampaya, one of the service contracts we are very positive about is SC 55,” said Energy Undersecretary Jose Layug.

The Department of Energy earlier this year agreed to extend by 12 months the BHP Billiton exploration term on Service Contract 55 to drill the commitment Cinco well.

The operator claimed it had been unable to secure a suitable deep-water rig within the allotted timescale.

One source said the partners had requested an 18-month extension that would run from August this year until February 2014.

The extension would give the Service Contract 55 co-venturers time to drill the Cinco well and evaluate results before deciding whether to enter the next explor­ation sub-phase, that would need another well.

“We are hoping Cinco will be the gas resource that can backfill Malampaya as we look for reserves of natural gas,” added Layug.

Partners in the 9000-square kilometre offshore block are BHP Billiton on 60%, compatriot Otto Energy with 33.18% and Trans-Asia Oil & Energy Development Corporation holding 6.82%.

Service Contract 55 is said to have a “robust, diverse and extensive portfolio of prospects” based on 3D seismic surveying.

Another prospect on the block that has been considered for drilling is Hawkeye, with reserves of about 800 billion cubic feet of gas.

Malampaya on Service Contract 38 has reserves of 2.7 Tcf of gas and supplies gas to three power plants that meet up to 45% of power demand on the Philippines’ main island of Luzon.