Kairiki provide an update on its operations in the Philippines.
- SC54B (KIK: 22%)
- Preliminary interpretation of wireline log data suggests that the recently drilled Gindara-1 exploration well discovered a 187 meter hydrocarbon column (144 meters of gas and an additional 43 meters of possible oil). However due to the hydrocarbon column being contained in poor quality reservoir, the discovery is considered non-commercial;
- A re-assessment of depth mapping will focus on the hydrocarbon column encountered, closure height of the structure and whether or not the Gindara structure could be filled to spill with hydrocarbons;
- Seismic reprocessing of some 2D seismic lines within the southern portion of SC54B has provided some preliminary evidence for the possible existence of the southern extension of the Malampaya Trough adjacent to the 53 sq km Pawikan lead. This could have implications for the prospectivity of the southern part of SC54B as the Malampaya Trough is considered to have generated the hydrocarbons encountered in Gindara-1 approximately 30 km to the north of Pawikan;
- A review of results of the Gindara-1 well in addition to area studies focussing on the prospectivity on the southern portion of the block is ongoing.
- SC54A (KIK: 30.1%)
- Assessment of the results of seismic reprocessing of the area covering the Nido 1X1 oil discovery has confirmed the robustness of the oil bearing Nido Limestone pinnacle reef . Work is currently ongoing to determine the potential oil volumes within the structure and commercialization scenarios;
- A substantial portfolio of potentially economic prospects and discoveries has been re-affirmed, with the highest graded opportunities identified to be the Nido-1X1 discovery (which is located near the Nido A production platform in adjacent block SC 14A) and the Lawaan exploration prospect;
- Kairiki is currently seeking to reduce its interest in the bock in return for a funded drilling program. The Company has been in discussions with a number of parties in regards to a possible transaction.