Service Contract No. 63 – East Sabina

Project Location : Offshore Southwest Palawan

JV Partners and Percent Equity :  PNOC EC (Subject to DOE Approval)) 50%, NIDO Petroleum (Operator, Subject to DOE Approval) 50%.

Project Description : SC 63 was jointly bidded and awarded to PNOC EC and Nido Petroleum on 24 November 2006 with each holding 50% interest. In 2014, Dragon Oil farmed-in acquiring 40% interest.  With the farm-in, PNOC EC’s interest was reduced to 40% and Nido to 20%.

Brief Background : As part of the SC 63 commitment, 3,254 km. 2D and 754 sq. km. 3D seismic data were acquired over the area with focus around the Abo-abo well, which flowed gas when drilled in the early 80’s.  Several interesting drillable targets were mapped co-relatable to the Abo-abo discovery. The presence of an active petroleum system attracted Dragon, which led to their farm-in.

The Baragatan-1A Well was drilled in May to July, 2014 and encountered several thin gas-charged zones, which were deemed non-commercial.  In November 2015, Dragon decided to withdraw from the block.

On 10 March 2016, the DOE granted a three-year (3) technical moratorium from November 2015 to November 2018 to allow the partners to further study the block prior to committing to drill a well.

As of end Dec 2016

(page update September 4, 2017)