Australia's junior oil and gas exploration firm Red Emperor Resources NL (Red Emperor or the Company) provided Wednesday the following commentary on its operations in the Philippines, Somalia and Georgia for the period ending March 31.
On March 2, Red Emperor signed a Farmin Agreement with Otto Energy Philippines Inc. (a wholly owned subsidiary of Otto Energy Ltd.) to farm in to the highly prospective offshore Philippines Block, Service Contract 55 (SC55).
SC55 is located in the southwest Palawan Basin, covers an area of 3,815 square miles (9,880 square kilometers) and was awarded to Otto Energy Investments Ltd. (formerly NorAsian Energy Ltd.) in 2005. It is a deepwater block in the middle of a proven regional oil and gas fairway that extends from the productive offshore Borneo region in the southwest to the offshore Philippine production assets northwest of Palawan.
SC55 contains a number of distinct exploration play types including the Hawkeye turbidite clastic prospect and the material Cinco carbonate gas/condensate prospect, as well as a number of follow-up leads. The permit provides a material opportunity and a series of possible drill targets in an exploration campaign that will be undertaken during the remaining term of the service contract.
The Hawkeye prospect was identified on 2D seismic originally acquired by Otto in 2007 and further defined with the 232 square miles (600 square kilometers) 3D seismic acquisition in late 2009. Hawkeye contains a 'Best Estimate' STOIIP of ~480 million barrels of oil and a 'Best Estimate' Gross Prospective Resource of 112 million barrels (RMP net 14.3 million barrels) of oil according to the Operator, Otto Energy.
The Cinco gas/carbonate prospect was identified as part of a 695 square miles (1,800 square kilometers) 3D seismic program undertaken by BHP Billiton in 2010 that focused on a trend of carbonate prospects and leads, with Cinco being analogous to the Malampaya producing gas/condensate field in the Philippines. Cinco contains a 'Best Estimate' GIIP of 2.4 trillion cubic feet (Tcf) with a 'Best Estimate' Gross Prospective Resource of 1.6 Tcf of gas and 57 million barrels of associated condensate (RMP net 208 billion cubic feet or Bcf) and 7.3 million barrels). The Net Prospective Resources exclude Government Share of profit oil.
The Hawkeye prospect is interpreted to be a large, relatively undeformed Miocene aged toe thrust, analogous to offset discoveries in Malaysia. The Miocene turbidite reservoir is likely to be tested by a well sitting in approximately 5,545 feet (1,690 meters) of water. The prospect was first identified on 2D seismic data, which was later followed up by a 3D seismic acquisition in early 2010. The 3D data has further matured the prospect to drillable status. Hawkeye is a well imaged, toe thrust structure of more than 1,640 feet (500 meters) vertical relief, 19 square miles (50 square kilometers) area with attendant Direct Hydrocarbon Indicators. Multiple flat spots are evident with an associated oil column consistent with detailed rock property analysis.
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