Drilling for oil in offshore Palawan to start early August

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The oil and gas consortium which holds the rights to Service Contract 55 in offshore southwest Palawan expects to drill the Hawkeye-1 well in early August.

“The drillship Maersk Venturer which is currently in Labuan, Malaysia is expected to arrive at the well location by 31 July 2015, with actual drilling to commence 1 to 2 days thereafter,” Trans-Asia Petroleum Corp. said in a filing released Thursday.

Palawan55 Exploration & Production Corporation, a subsidiary of Trans-Asia, holds a 6.82 percent interest in SC 55.

SC 55 operator Otto Energy Investments Ltd. (OEIL) has notified Palawan55 that OEIL has issued a formal notice to Maersk Drilling to start mobilization for the drilling of the Hawkeye-1 exploratory well, Trans-Asia said.

Maersk Drilling is a drilling rig operator based in Copenhagen, Denmark.

The Hawkeye prospect has a net best estimate prospect of 89 million barrels of oil, according to OEIL, which owns a 78.18% interest in SC 55.

Another partner, Australia’s Red Emperor Resources NL, holds a 15 percent interest SC 55 which covers 9,880 square kilometers in the offshore Palawan Basin. – VS, GMA News

ReadMore: http://www.gmanetwork.com/news/story/514414/economy/agricultureandmining/drilling-for-oil-in-offshore-palawan-to-start-early-august-otto-energy

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