CALGARY, Alberta -- TG World Energy Corp. has signed a farm-in agreement for 12.5% equity in SC 54A offshore northwest Palawan basin, Philippines.
The agreement covers 867 sq km (335 sq mi) and has two oil discoveries ready for development – Tindalo and Yakal with a combined P50 reserves estimated at 15 MMbbl.
The $11.1-million farm-in results in Nido Petroleum Ltd. holding 42.4%, Kairiki Energy Ltd. holding 30.1%, and Trafigura Ventures III BV with 15%. TG's portion is from Nico and Kairiki.
“In addition to the four discoveries identified (Tindalo, Yakal, Nido 1X1, and Signal Head 2), SC54A contains some 19 other identified pinnacle reef targets that may offer follow-up successes." says Cliff James, TG World president and CEO.