Operating Areas

Gabon

PERC holds a 2.525% interest in the Etame Marin permit in offshore Gabon, West Africa. The block is operated by VAALCO Gabon, Inc for the joint-venture consortium composed of VAALCO, PERC, Addax Petroleum, Sasol Petroleum West Africa Ltd, Sojitz Etame Ltd, and Tullow Oil Gabon SA.  The permit encompasses 3,074 sq. km of the northern Congo basin, ranging from 200 m deep in the Atlantic shelf to near-shore southern Gabo.

The Etame block was awarded to the consortium in July, 1995.  Following the acquisition of 400 sq. km of 3D seismic in 1997, the discovery well ET-1V was drilled in 1998.  Commercial oil production commenced in September, 2002 from the subsea-completed Etame field with daily output of about 15,000 barrels of 36° API crude.  Subsequent discoveries were made in 2004 of the Avouma field, ~17 km south of Etame and the Ebouri field ~9 km north of Etame.  These fields produce mainly from the Lower Cretaceous Gamba sandstone, a relatively thin but highly porous transgressive marine sandstone unit overlain and sealed by a thick salt wall.

As of October, 2011, the Etame Marin concession has produced nearly 64 Million barrels of oil (MMBO) since commercial production started in 2002. Current daily production is around 22,000 barrels coming from the Etame, Avouma, and Ebouri fields.  Crude produced from the Avouma and Ebouri platforms is piped into the Etame field where the floating production, storage, and offtake (FPSO) vessel Petroleo Nautipa is moored. The joint-venture consortium is currently expanding and upgrading the existing facilities in order to expand production to at least 25,000 barrels per day.  At the same time, seismic and exploration studies are on-going in the shallow water sections of the concession to identify more leads and prospects for drilling to add to existing reserves and future oil production.

 Philippines

Octon Malajon – SC 6A

The SC 6A includes the Octon discovery in the south and the Malajon Block in the North. The Malajon Block is promising as large untested seismic anomalies were mapped, correlative to the Galoc Sandstones in Malajon-1, Saddle Rock-1 and Esperanza-1 which showed significant oil shows. Sesimic re-mapping of the Malajon Block identified sizeable structural closures involving the Galoc sand at various levels notably, The Barselisa, Salvacion and West Malajon anomalies. Pitkin Petroleum farmed-in into the Block in the middle of 2011 and committed to reprocess and interpret 3D seismic data and to drill and test 1 well to the Barselisa Prospect. PetroEnergy has residual 5.001% after the Pitkin farm-in.

West Linapacan – SC 14C2

The West Linapacan “A” field discovered in 1991 by Alcorn Petroleum, was put on production with three (3) sub-sea-completed wells tied back to a FPSO. The field was producing at a rate of 17,000 BOPD until it was saddled with severe water incursion starting on the second year of operation. The field had produced a total of 8.5 Million barrels of oil at the time when a decision to suspend the production operation was made in January 1996. With proven reserves in the order of 12 to 20 MMBO, and prevailing high crude prices, the West Linapacan “A” field is now under study for commercial development by the operator, Pitkin Petroleum, which farmed-in the block in 2008. In July 2011, the DOE approved the transfer of Pitkin’s 29.145% interest to RMAC (HK) Ltd. After this farm-out, PERC holds 1.03% interest in the block and is carried thru the first exploration well.

SC 47 – Offshore Mindoro

SC 47 was awarded on January 10, 2005 to PNOC EC and Petronas Carigali Overseas Sdn Bhd.  The block is located in Offshore Mindoro and northeast of the Palawan islands and covers an area of 10,480 km2. On January 10, 2008, PNOC EC assumed operatorship of the block and acquired Petronas’ equity, taking 97% working interest with PERC and Basic Energy Corporation holding 2% and 1% participating interests, respectively. The block includes the Maniguin-2 oil discovery well which yielded 300 barrels of oil per day (bopd) during tests. Significantly, all six exploration wells drilled in the block have oil and/or gas indications providing evidence of an existing petroleum system. As operator, PNOC EC has conducted various G & G activities to re-evaluate the block, enhance its prospect and lead inventory and mitigate exploration risks. The exploration work program includes the acquisition, processing and interpretation of 1,091 km 2D seismic data, re-interpretation of the re-processed 894 km 2D and 133 km2 3D seismic data and other vintage data, evaluation of well data and re-processing of the controlled source electromagnetic (CSEM) data. Aside from evaluating potential drilling targets in the Sibay and Tablas sub-basins, the Company is also assessing structures with untested potential in the Semirara and Maniguin areas.  

SC 51 – East Visayan Basin

NorAsia, an Australian independent, assumed the operatorship of the contract area by virtue of a farm-in agreement signed in August 2005 whereby NorAsia assumed 80% interest by carrying out an exploration program which includes the drilling of an exploratory well at their sole cost. The East Visayas Contract Area covers two separate blocks, the Cebu-Bohol Strait and the Leyte Block which includes the onshore NW Leyte Peninsula. The first well, Duhat-1/1A was drilled onshore NW Leyte Peninsula last April 2011 to test the San Isidro Prospect. An acquisition of 2D seismic lines is programmed for 2012 to delineate the prospect better. PetroEnergy holds 4.012% interest in the block.