PNOC Offering Interest in its Mindoro Prospect
PNOC Exploration Corporation is offering for farmout a substantial portion of its interest in the offshore Mindoro exploration acreage which is covered by Geophysical Survey and Exploration Contract No. 100.
The block is host to the most significant oil discovery (Maniguin-2) in the Philippines outside the northwest Palawan oil province. It also contains the most organically rich source rocks encountered so far in any Philippine basin (TOC range of 1.27% to 19%), with excellent hydrocarbon generative capability (S2 of 2.35 – 166.86 mg/g rock). Quartz-rich sandstones with excellent reservoir qualities have been identified based on well and log data. Furthermore, reefal and platform carbonates, based on field mapping, are also expected to develop good porosities.
The area is relatively under-explored with only five wells drilled. Three of these wells tested the Maniguin Prospect while the two remaining wells had significant oil and gas shows. A valid petroleum system therefore exists in the area and this is confirmed by the Maniguin wells and recorded offshore seeps. The entire GSEC 100 block has a high reserve potential of up to 6.9 billion barrels of oil on the upside. IndigoPool.com is handling this transaction on behalf of PNOC.