The increase in estimates is attributed to a comprehensive evaluation of seismic data from the Philippines Department of Energy, alongside consultation with a sedimentology expert. This assessment compares findings to recent discoveries by ENI and Petronas in Borneo’s deepwaters, suggesting geological similarities with Tetragon’s acreage.
Tetragon points out that ENI’s recent Geng North discovery (5 trillion cubic feet of gas and 400 million barrels of condensate) bears resemblance to its Halcon prospect in SC-80. Currently, seismic reprocessing of 4,600 square kilometers of existing 3D data is underway to define the Halcon prospect and existing discoveries like Dabakan and Palendag (2C 470 billion cubic feet). Preliminary results are expected in 2027, with full data available midyear.
SC-80 includes the Dabakan-1 gas and Palendag-1A gas-condensate discoveries, characterized by classic Circum-Borneo toe thrust fold belt structures. SC-81, being closer to the Borneo shelf, hosts exploration prospects in slope fan channels and deepwater fold belt settings that share similar structural and depositional features with SC-80.
Additional exploration opportunities exist in SC-80 and SC-81, with turbidite fans and potentially older carbonate deposits of reef-like quality. These discoveries, initially drilled by Exxon in 2009 and 2010, were not developed due to low gas prices and economic concerns.
Tetragon Energy operates permits SC-80 and SC-81, holding a 37.5% interest, with partners Sunda Energy, Philodrill Corp., and PXP Energy Corp.
