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MANILA, Philippines - Philex Mining Corp. expects to commence with drilling activities in the Recto Bank petroleum block in offshore Palawan this year.
Manuel V. Pangilinan, Philex Mining chairman, said unit Forum Energy Plc. is on track in its commitments with the Department of Energy for the development of Service Contract 72.
"So far we are on schedule with respect to our work program in SC 72. We hope we do not get delayed," Pangilinan said.
SC 72 contains the Sampaguita field, which is said to be on a par with the country's largest natural gas producer to date, the Malampaya.
A 248-square kilometer 3D seismic survey acquired by Forum Energy on the petroleum block in 2006 indicated a mean volume of 3.4 trillion cubic feet gas-in-place. The Malampaya, in contrast, has an estimated three trillion cubic feet of gas and 40 million barrels of recoverable oil reserves.
In 2011, Forum Energy acquired additional 2D and 3D seismic data on the license area to allow it to identify optimal drilling locations and new prospects in the field.
The findings are being interpreted with the results expected to come out by the middle of the year.
Pangilinan said the company is arranging the relevant financing for upcoming drilling activities, which they "hope" to start this year.
"We have not finalized it yet, but definitely it will be funded in the main by Philex Mining. There are other shareholders in Forum and 30 percent of the concession is owned by Monte Oro [Resources Energy Inc.]. Most likely equity funding," he said.
Philex Mining, through subsidiaries FEC Resources Inc. and Philex Petroleum Corp., controls 70 percent of UK-listed Forum Energy.
The area covered by SC 72 was earlier included in the marine seismic study over the Spratlys under a tripartite agreement among the Philippines, China and Vietnam, which led to delays in the petroleum block's development
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