(WO) — Tetragon Energy has increased the gross mid-case prospective gas resource estimate for the Halcon exploration prospect offshore the Philippines to 8.0 Tcf, more than tripling the previous estimate of 2.6 Tcf.
Image: Sunda Energy
Halcon is located in Service Contract 80 (SC 80) in the offshore area of the Bangsamoro Autonomous Region of Muslim Mindanao. Tetragon operates SC 80 with a 37.5% working interest, alongside Sunda Energy with 37.5%, PXP Energy Corp. with 12.5% and Philodrill Corp. with 12.5%.
The revised estimate gives Sunda approximately 3.0 Tcf of net mid-case (2U) prospective resources. Tetragon also increased Halcon’s estimated geological chance of success to 24% from 18%.
Gross low-case (1U) prospective resources increased from 188 Bcf to 1.7 Tcf, while the high-case (3U) estimate rose from 19.9 Tcf to 22.6 Tcf.
The revisions follow further evaluation of seismic data provided by the Philippines Department of Energy and geological comparisons with recent deepwater discoveries offshore Indonesia and Malaysia. Tetragon cited Eni’s 2023 Geng North discovery offshore Indonesia as a potential geological analogue for Halcon.
The company is continuing to reprocess approximately 4,600 km² of existing 3D seismic data across its Philippines acreage. The work will further delineate Halcon, evaluate the existing Dabakan and Palendag discoveries and mature additional exploration prospects.
Initial results from the seismic reprocessing are expected in early 2027, with the complete dataset scheduled to become available by mid-year.
Tetragon said it plans to engage international companies regarding potential farm-out arrangements to fund future exploration drilling.
The 8.0-Tcf estimate represents unrisked prospective resources, and hydrocarbons have not yet been discovered at the Halcon prospect.
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