"Having production from both SC 50 Calauit and SC 51 Argao in early 2008 would put Vital on the map," said Michael Whitehead, President and CEO of Vital Resources.
Vital Resources is an emerging oil & gas company focused on building value through immediate offshore oil development of its world-class exploration properties in the Philippines. These properties are as follows:
SC 51 – East Visayan Basin
Vital acquired the exploratory block in SC51, which consists of two sub-blocks over the East Visayan Basin. The southern block contains seven identified prospects of which three are drill ready, with a combined potential of 75 to 465 MMBOE as estimated by MBA Petroleum Consultants of Australia.
SC 50 – Calauit, NW Palawan
Vital has made arrangements to take delivery of a Multi Purpose Semi Submersible Rig in late 2007. This will allow Vital to take action on their detailed well planning and design for the drilling of the horizontal re-entry of Calauit 1B in SC50. Calauit's history of production, in concert with independent expert MBA Petroleum Consultants, has determined that the Calauit 1B oil field may contain up to 39.5 million barrels of oil (MMBO), of which 6.44 MMBO are deemed to be recoverable.
SC 55 – Ultra Deep Water, Palawan
Vital shot 400 kilometers of 2D seismic under this program in October of 2006 and expects the interpretation of this seismic data to be completed in Q1 2007. The current focus on SC 55 is on the Marantao prospect, a carbonate reef build up of substantial size, interpreted through reprocessed 2D seismic to be potentially five times larger than the Malampaya structure. The Malampaya structure is the Philippines largest oil and gas field, presently operated by Shell and estimated by the Department of Energy of the Philippines to contain 500 to 750 MMBO or 2.5 to 4.0 trillion cubic feet (TCF) of recoverable gas.
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