Yilgarn Petroleum Philippines is a subsidiary of Western Australian miner, Yilgarn Gold. It is earning a 40% stake in the permit by funding the acquisition and processing of seismic data on a 4:3 promote basis and the drilling of one well on a 2:1 promote basis.
Perth-based Nido yesterday said its Philippine-based subsidiary had signed a letter of intent with Veritas Geophysical (Asia Pacific) for its Veritas Viking II 3D seismic vessel to start a 653 square kilometre survey in October.
The survey, acquired using the latest solid streamer technology and state-of-the-art acquisition and processing techniques, would provide coverage of three potential targets – the Coron North prospect, an untested 120m oil column at Coron-1, and a very large Miocene Pagasa turbidite lead.
The survey represented the first 3D acquisition in the Palawan Basin in about four years, since the PGS Malampaya survey.
Nido said it also intended acquiring regional 2D seismic data in SC 54 as part of a group shoot led by Philippine National Oil Company-Exploration Corporation using the Veritas Voyager, which was expected to be operating in Philippine waters later this month.
“The SC 54 3D survey is Nido’s first opportunity to investigate the deepwater turbidite potential in this basin,” said Nido exploration head Paul Quaife.
“We are delighted to be partnering in this significant 3D survey with Veritas, which has had recent success in imaging similar turbidite plays from West Africa and is making available to us one of its flagship 3D vessels.”
Earlier this year, Nido had, with the support of the Philippine Department of Energy, secured an amendment to SC 54 to allow it to acquire more regional seismic data to further enhance its existing seismic database over the area, “thereby ensuring even greater success in its exploratory drilling”, Quaife said.
By securing the 3D survey and pursuing the additional 2D survey, Nido would maintain its strong position in SC 54.
Nido chief operating officer Craig Martin said the surveys would be Nido’s first field operations in the Philippines since the inception of its new management team.
“The Manila and Perth offices are working together to ensure a successful and safe operation. We are also proud to be playing a role in the resurgence of exploration activity in the Philippines this year.”
