Tetragon Energy has reported a threefold increase in recoverable gas estimates for its Halcon exploration prospect, located within the offshore Service Contract 80 (SC-80) permit in the Philippines.
Detailed sedimentological evaluations and re-examined seismic data provided by the Philippines Department of Energy revealed that Halcon’s Mid Case (2U) gross prospective resource has expanded from 2.6 trillion cubic feet (TCF) to 8 TCF of recoverable gas.
The update also lifted the prospect’s Low (1U) and High (3U) gross resource estimates to 1.7 TCF and 22.6 TCF, up from 188 billion cubic feet (BCF) and 19.9 TCF respectively.
Tetragon also upgraded the prospect’s geological chance of success from 18 per cent to 24 per cent.
Tetragon serves as operator of SC-80 with a 37.5 per cent interest, alongside joint venture partners Sunda Energy, Philodrill, and PXP Energy.
The permit lies offshore north of Borneo, in deepwater acreage jointly licensed by the Philippine national government and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
The resource revision was supported by comparisons to major deepwater discoveries made by ENI and Petronas in neighbouring Indonesian and Malaysian waters, notably ENI’s 2023 Geng North discovery, which Tetragon considers highly analogous to Halcon.
Tetragon Managing Director Conrad Todd said the revised figures highlight the world-class potential of the company’s regional asset portfolio.
“This three-fold increase in our Mid Case (2U) prospective resource for a key prospect in our Philippines acreage highlights the true scale and opportunity we have in these exciting permits,” Todd said.
“We believe that with our extensive experience in this and the adjacent analogous basins, Tetragon will unlock the potential of this basin and prove it to be on the scale of those in adjacent Malaysia and Indonesia waters.”
Tetragon is currently reprocessing 4,600 square kilometres of 3D seismic data to mature drill targets and plans to seek farm-in partners to fund exploration drilling.
