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Philippine Field May Contain 1.4 Bln Barrels of Oil, Post Says
3/28/99 19:42
Manila, March 29 (Bloomberg) -- Philippine National Oil Co.
estimated that an oil field in the northern island of Fuga may
contain as much as 1.36 billion barrels of oil and 5.24 million
cubic feet of gas, the Philippine Post reported. PNOC President
Ramon Mitra said the state-owned oil company, which leads a group
holding a contract to explore in the area, will meet with real
estate tycoon Tan Yu, who owns the island, to discuss development
of the field. Other members of the group include Stirling
Resources NL and Hardman Resources NL of Australia, the paper
said.
The Philippines consumes about 350,000 barrels of oil a day.
(Philippine Post 3/29/99, p. 13)
--Alex B. Reyes in the Manila bureau (632) 849-7144 through the
Hong Kong newsroom (852) 2977-6600/jr
DRILLING BULLETIN PRESS RELEASE
CONVERSION OF GSEC 77 INTO PETROLEUM SERVICE CONTRACT
(SC) 42 OVER NW PALAWAN FINALIZED
OCTOBER 30, 1998
DESPITE THE PRESENT FINANCIAL DIFFICULTIES COMPANIES ARE EXPERIENCING, INVESTORS CONTINUE TO SUPPORT THE PETROLEUM INDUSTRY IN THE PHILIPPINES. THE CONVERSION OF GEOPHYSICAL SURVEY AND EXPLORATION CONTRACT (GSEC) 77 INTO PETROLEUM SERVICE CONTRACT (SC) 42 OVER NW PALAWAN ON 29 OCTOBER 1998 AFFIRMS THE CONTINUING CONFIDENCE OF FOREIGN AND LOCAL INVESTORS IN THE PHIL. ECONOMY. THE SC WAS SIGNED BY AND AMONG ENERGY SEC. MARIO V. TIAOQUI AND SC 42 CONSORTIUM MEMBERS AT PNOC BLDG. IN FORT SANTIAGO, TAGUIG, M.M.
THE SC 42 BLOCK COVERS AN AREA OF 1,048,743 HECTARES IN NORTHWEST PALAWAN, WHICH IS CLOSE TO THE MALAMPAYA NATURAL GAS FIELD. THE CONSORTIUM IS HEADED BY SYDNEY OIL CO. DRILLING AND EXPLORATION TRUST PRODUCTION PTY. LTD. (SOCDET), WHICH ACQUIRED THE OPERATORSHIP LAST 23 MARCH 1998. THE OTHER SC 42 CONSORTIUM MEMBERS ARE PETROZ N.L., NOVUS PETROLEUM LTD, COPLEX ENERGY CORP., PHIL. NATIONAL OIL CO.- EXPLORATION CORP., ORIENTAL PETROLEUM AND MINERAL CORP., PHOENIX ENERGY CORP., BASIC CONSOLIDATED INC., PALAWAN OIL AND GAS EXPLORA- TION , INC., AND TRANS-ASIA OIL AND ENERGY DEV'T. CORP..
DURING THE GSEC TERM, THE CONSORTIUM REPROCESSED 750 LINE-KM OF SEISMIC DATA IN ADDITION TO THE 1,079 LINE- KM ACQUIRED UNDER THE NON-EXCLUSIVE GEOPHYSICAL PERMIT (NGP) TERM. THE CONSORTIUM ALSO CONDUCTED AN EXTENDED PRODUCTION TEST (EPT) ON CALAUIT-1B WELL IN MAY 1997 AND DRILLED DIMIPAC-1 WELL LAST APRIL 1998 AT A COST OF US$7.1 M. DESPITE THE NEGATIVE RESULT (OF) THE DIMIPAC-1 WELL, THE CONSORTIUM REMAINS OPTIMISIC THAT IT WILL DISCOVER PETROLEUM IN THE AREA. THE CONSOR- TIUM HAS ALSO PURCHASED US$750,000 OF GECO-PRAKLA 3D SEISMIC DATA TO ENHANCE ITS DATABASE AND IMPROVE ITS UNDERSTANDING OF THE PROSPECTIVITY OF THE CONTRACT AREA. THE CONSORTIUM MEMBERS HAVE COMMITTED TO CONDUCT A 3D SEISMIC SURVEY AND TO DRILL AT LEAST ONE WELL AT A COST OF AT LEAST $5M OR P200M. THIS WILL BRING THE TOTAL INVESTMENTS IN THE AREA TO ABOUT $55M.
*** END OF PRESS RELEASE ***
COMMENTS:
The interests of the consortium members of SC42 are as
follows:
SOCDET 31.57992% PETROZ N.L. 30.00000% NOVUS PETROLEUM LTD. 23.00000% COPLEX ENERGY CORP. 8.16850% PNOC- EXPLORATION CORP. 2.99663% DRAGON (FAR EAST) LTD. 1.38085% ORIENTAL PETROLEUM 1.00000% PHOENIX ENERGY CORP. 0.75000% BASIC CONSOLIDATED INC. 0.52410% PALAWAN OIL AND GAS 0.37500% TRANS-ASIA 0.22500%
According to SOCDET's managing director, the consor- tium plans to invest at least P2.2billion (US$55 million) for a seismic survey and for the drilling of four wells within the next four years. The consortium believes these four wells have a potential oil reserve of as much as 900 million barrels of fossil fuel.
A Geophysical Survey and Exploration Contract (GSEC) between the Philippine government and oil prospectors is only good for one or two years to identify possible oil prospects, unless extended. A GSEC then has to be converted to a Service Contract (SC), or the GSEC awarded to another group of oil prospectors.
On the other hand, an SC could last up to 50 years, normally with a commitment to drill wells and to develop the contract area to produce oil or gas.
PETROFIELDS CORPORATION ("PET")
UPDATE ON THE GABON ETAME NO. 1 WELL
PETROFIELDS CORPORATION ("PET") INFORMED THE EXCHANGE THAT:
THE GABON ETAME WELL NO. 1 WELL WAS SUCCESSFULLY TESTED AND FLOWED AT A RATE OF 3,500 BBLS. OF MEDIUM LIGHT CRUDE PER DAY THROUGH A HALF INCH CHOKE WITH NO WATER.
THE WELL WILL BE TEMPORARILY SHUT-IN WHILE TECHNICAL ANALYSIS AND EVALUATION OF WELL DATA CONTINUES AND A DEVELOPMENT PLAN FOR THE BLOCK IS UNDERTAKEN.
THE ETAME MARINE PERMIT CONSORTIUM IS COMPOSED OF VAALCO ENERGY, INC. (OPERATOR), WESTERN ATLAS, INC., SASOL LTD., PETROFIELDS CORPORATION AND ALCORN PETROLEUM AND MINERALS CORPORATION.
STATEMENT OF INCOME
SOUTH SEAS NATURAL RESOURCES, INC. ("SSO")
JAN-MARCH 1998
SALES 9,630,611
COST AND EXPENSES (11,481,412)
OTHER INCOME (EXPENSES) ( 1,023,914)
NET INCOME (LOSS) ( 2,874,715)
STATEMENT OF INCOME PETROFIELDS CORPORATION (PET) FOR THE QUARTER 31-MARCH-98 TOTAL REVENUES 5,837,894 TOTAL EXPENSES 5,151,507 NET INCOME (LOSS) 686,387
DAILY DRILLING BULLETIN
8 MAY 1998
DIMIPAC-1 WELL (NORTHWEST PALAWAN BASIN)
SOCDET PRODUCTION PTY. LTD. COMPLETED YESTERDAY WIRELINE LOGGING OPERATIONS IN THE WELL. THE OPERATOR IS CURRENTLY CONDUCTING PLUG AND ABANDONMENT PROCEDURES AFTER FAILING TO ENCOUNTER HYDROCARBONS WITHIN THE NIDO LIMESTONE FORMATION. THIS WILL BE THE FINAL REPORT ON THE DIMIPAC-1 WELL, WHICH REACHED THE TOTAL MEASURED DEPTH OF 4,700 FEET.
DAILY DRILLING BULLETIN
6 MAY 1998
DIMIPAC-1 WELL (NORTHWEST PALAWAN BASIN)
AFTER DRILLING OUT THE EXCESS CEMENT FROM THE 13 3/8 CASING AND CONDUCTING A FORMATION INTEGRITY TEST, SOCDET PRODUCTION PTY. LTD. DRILLED THE 12 1/4-INCH HOLE TO A DEPTH OF 4,410 FEET, AN ADVANCE OF 468 FEET SINCE YESTERDAY. THE OPERATOR WILL CONTINUE THE DRILLING OF THE 12 1/4-INCH BOREHOLE.
PETROFIELDS CORPORATION
Disclosures Circular
Drilling update
May 04, 1998
In compliance with PSE rules and regulations on disclosure, our company hereby informs your office that:
The jack-up rig Glomar Adriatic V is now on location in the Etame Permit Offshore Gabon, West Africa to drill our first well Etame #1.
Etame No.1 well will be drilled a depth of 7,000 feet to test prospective hydrocarbon zones from 5,600 feet, below a thick salt cover. Petrofields which carries a 14.525% interest enjoys a partial carried position in this drilling through farm in arrangements with Western Atlas Afrique.
DAILY DRILLING BULLETIN
1 MAY 1998
DIMIPAC-1 WELL (NORTHWEST PALAWAN BASIN)
SOCDET PRODUCTION PTY. LTD. HAS DRILLED THE WELL TO A DEPTH OF 3,942 FEET, AN ADVANCE OF 2,082 FEET SINCE THURSDAY. THE OPERATOR IS CURRENTLY RUNNING IN HOLE THE 13 3/8 INCH CASING, AND WILL PERFORM THE CEMENTING JOB THEREAFTER.
DAILY DRILLING BULLETIN
30 APRIL 1998
DIMIPAC-1 WELL (NORTHWEST PALAWAN BASIN)
SOCDET PRODUCTION PTY. LTD. HAS DRILLED OUT EXCESS CEMENT AND TESTED THE BLOWOUT PREVENTER STACK. THE OPERATOR IS CURRENTLY DRILLING THE 16-INCH HOLE AND IS NOW AT A DEPTH OF 1,860 FEET, AN ADVANCE OF 430 FEET SINCE YESTERDAY.
CLARIFICATION OF NEWS ARTICLE
PNOC EXPLORATION CORPORATION ("PECB")
30 APRIL 1998
PECB CONFIRMED TO THE EXCHANGE THE VERACITY OF THE NEWS ARTICLE PUBLISHED IN THE APRIL 23, 1998 ISSUE OF THE PHILIPPINE STAR CAPTIONED "PNOC-EC PUSHES ONSHORE GAS PIPELINE PROJECT".
PECB, THROUGH ITS NATURAL GAS COORDINATOR, DR. SUSANA E, CHUA, HEREBY CONFIRMS THE VERACITY OF THE FOLLOWING POINTS ONLY:
1. PECB HAS A PENDING APPLICATION FOR THE CONSTRUCTION OF THE PIPELINE WITH THE ENERGY INDUSTRY ADMINISTRATION BUREAU (EIAB). PECB WILL PURSUE THIS APPLICATION DEPENDING ON THE OUTCOME OF STUDIES MENTIONED IN NUMBERS 2 AND 3 BELOW ON THE AVAILABILITY OF FUNDS FOR THE PROJECT.
2. PECB IS ENCOURAGED WITH THE INITIAL RESULTS OF A STUDY WHIH SHOWED THAT THERE IS A NUMBER OF INDUSTRIES AND COMMERCIAL ESTABLISHMENTS OF NEARBY CAVITE AND LAGUNA WHICH MAY HAVE THE POTENTIAL OF SWITCHING TO NATURAL GAS FOR THEIR RESPECTIVE USES, AND
3. PECB IS VALIDATING ITS STUDY WITH A NEW ZEALAND COMPANY.
DAILY DRILLING REPORT
29 APRIL, 1998
DIMIPAC-1 WELL (NORTHWEST PALAWAN BASIN)SOCDET PRODUCTION PTY. LTD. HAS CEMENTED THE 20-INCH CASING WITH SHOE SET AT THE DEPTH OF 1,375 FEET. THE OPERATOR IS CURRENTLY PREPARING TO DRILL OUT EXCESS CEMENT PRIOR TO TESTING THE BLOW-OUT PREVENTER (BOP) STACK. THE WELL REMAINS AT A DEPTH OF 1,430 FEET.
DAILY DRILLING BULLETIN
28 APRIL 1998
DIMIPAC-1 WELL (NORTHWEST PALAWAN BASIN)
SOCDET PRODUCTION PTY LTD., IS CURRENTLY PREPARING TO CEMENT THE 20-INCH CASING. THE WELL REMAINS AT A DEPTH OF 1,430 FEET.
DAILY DRILLING BULLETIN
AS OF 27 APRIL 1998
DIMIPAC-1 WELL (NORTHWEST PALAWAN BASIN)
SOCDET PRODUCTION PTY LTD., OPERATOR OF GEOPHYSICAL SURVEY AND EXPLORATION CONTRACT (GSEC) NO. 77 SPUDDED THE DIMIPAC-1 WELL LAST FRIDAY, 24 APRIL 1998. THE OPERATOR HAS SET THE 30-INCH CASING AT A DEPTH OF 564 FEET AND IS CURRENTLY CONDITIONING THE 26-INCH BOREHOLE PRIOR TO RUNNING AND CEMENTING THE 20-INCH CASING. PRESENTLY, THE DEVIATED EXPLORATION WELL IS AT A DEPTH OF 1,430 FEET.
THE WELL IS LOCATED IN OFFSHORE NORTHWEST PALAWAN BASIN AT A WATER DEPTH OF 299 FEET (90 METERS). DIMIPAC PROSPECT IS A DEVIATED WELL AND IS PROGRAMMED TO BE DRILLED TO A TOTAL MEASURED DEPTH (MD) OF 4,613 FEET (1,406 METERS) USING THE SEMI-SUBMERSIBLE RIG ATWOOD FALCON. THE PRIMARY OBJECTIVE OF THE DIMIPAC-1 WELL IS TO EVALUATE THE HYDROCARBON POTENTIAL OF THE NIDO LIMESTONE WITHIN THE DIMIPAC STRUCTURE.
THE SECONDARY OBJECTIVES ARE THE BATAS SANDSTONES AND THE CONGLOMERATES WITHIN THE OVERLYING PAGASA FORMATION. THE RECOVERABLE RESERVES FOR THIS WELL ARE ESTIMATED AT 54 MILLION BARRELS OF OIL. THE WELL IS PROGRAMMED TO BE DRILLED IN 19 DAYS AT AN APPROXIMATE COST OF US$8.2 MILLION ON A DRY-HOLE BASIS AND AN ADDITIONAL BUDGET OF US$4.6 MILLION FOR TESTING.
THIS DIMIPAC WELL WILL BE THE SECOND OPTION WELL UNDER THE GSEC 77 CONSORTIUM, WITH THE FOLLOWING MEMBERS AND CORRESPONDING PARTICIPATING INTERESTS: SOCDET PRODUCTION PTY LTD (OPERATOR) WITH 31. 57992%; PETROZ N.L., 30.00000%; NOVUS PETROLEUM LTD., 23.00000%; COENCO, 8.16850%; PNOC EXPLORATION CORPORATION, 2.99663%; DRAGON (FAR EAST ) LIMITED, 1.38086%: ORIENTAL PETROLEUM AND MINERALS CORPORATION, 1.00000%; PHOENIX, 0.75000%, BASIC PETROLEUM MINERALS INCORPORATED, 0.52410%, PALAWAN OIL AND GAS EXPLORATION INCORPORATED, 0.37500%; AND TRANS-ASIA OIL AND DEVELOPMENT CORPORATION, 0.22500%.
STATEMENT OF INCOME AND RETAINED EARNINGS
ALCORN PETROLEUM AND MINERALS CORPORATION ("APM")
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996
1997 1996
REVENUES P28,465,372 P23,812,334
COST AND EXPENSES 21,093,548 20,111,525
NET INCOME 7,371,824 3,700,809
RETAINED EARNINGS:
BEG. OF YEAR 16,716,167 13,015,358
END OF YEAR 24,087,991 16,716,167
DAILY DRILLING REPORT AS OF APRIL 15, 1998
HIPPO-1 WELL (SANDAKAN BASIN SULU SEA)
ARCO PHILIPPINES, INC. HAS INITIATED PROCEDURES FOR THE SUSPENSION AND PLUGGING OF THE HIPPO-1 WELL AFTER ENCOUNTERING TECHNICAL DIFFICULITES DURING THE DRILLING OPERATIONS. TWO HYDROCARBON ZONES HAVE BEEN ENCOUNTERED AT DEPTHS BEYOND THE DESIGN PARAMETERS OF THE ORIGINAL TOTAL DEPTH OF 11,755 FEET MEASURED DEPTH. THIS LIMITING FACTOR HAS, THUS, PREVENTED THE OPERATOR FROM DRILLING DEEPER OR CONDUCTING A DRILLSTEM TEST. THE WELL HAS BEEN DRILLED DIRECTIONALLY TO A FINAL MEASURED DEPTH OF 12,924 FEET, OR TRUE VERTICAL DEPTH OF 10,568 FEET. THIS WILL BE THE FINAL REPORT FOR HIPPO-1 WELL.
DAILY DRILLING REPORT
AS OF APRIL 14, 1998
HIPPO-1 WELL (SANDAKAN BASIN, SULU SEA)
ARCO PHILIPPINES INC. COMPLETED CONDUCTING THE WIRELINE LOGGING OPERATIONS. THE OPERATOR IS CURRENTLY PREPARING THE 6-INCH BIT & BOTTOM HOLE ASSEMBLY PRIOR TO CONDITIONING THE BOREHOLE. THE WELL REMAINS AT A DEPTH OF 12,924 FEET.
DAILY DRILLING BULLETIN
AS OF APRIL 8, 1998
HIPPO-1 WELL (SANDAKAN BASIN, SULU SEA)
ARCO PHILIPPINES, INC. IS CURRENTLY PREPARING TO DRILL OUT EXCESS CEMENT BELOW THE 7-INCH LINER. THE WELL REMAINS AT A DEPTH OF 12,150 FEET.
DAILY DRILLING REPORT
AS OF APRIL 6, 1998
HIPPO-1 WELL (SANDAKAN BASIN, SULU SEA)
OVER THE WEEKEND, ARCO PHILIPPINES, INC. PRESSURE TESTED THE INTEGRITY OF THE BOREHOLE. THE OPERATOR IS CURRENTLY SQUEEZING CEMENT ON THE 7-INCH LINER IN PREPARATION FOR CONDUCTING ANOTHER LEAK-OFF TEST. THE WELL REMAINS AT A DEPTH OF 12,150 FEET.
DAILY DRILLING BULLETIN
03 April 1998
HIPPO-1 WELL (Sandakan Basin, Sulu Sea)
ARCO PHILIPPINES INC. COMPLETED RUNNING THE ULTRASONIC IMAGER TOOL (USIT) AND FOUND THE CASING AND CEMENTING JOB TO BE IN ORDER. THE OPERATOR IS CURRENTLY RUNNING IN HOLE THE 4 3/4 INCH BOTTOM HOLE ASSEMBLY IN PREPARATION TO DRILLING AHEAD. THE WELL REMAINS AT A DEPTH AT 12,150 FEET.
DAILY DRILLING BULLETIN
AS OF APRIL 1, 1998
HIPPO-1 WELL (SANDAKAN BASIN, SULU SEA)
ARCO PHILIPPINES, INC. TESTED THE BLOWOUT PREVENTER STACK IN PREPARATION TO RESUMING THE DRILLING OPERATIONS.
DAILY DRILLING BULLETIN
AS OF MARCH 30, 1998
HIPPO-1 WELL (SANDAKAN BASIN, SULU SEA)
ARCO PHILIPPINES INC. HAS COMPLETED THE WIRELINE LOGGING LAST SATURDAY. THE OPERATOR IS CURRENTLY TRYING TO FREE THE STUCK PIPE AT 9,830 FEET.
