Dragon targets Baragatan prospect offshore the Philippines

Dragon Oil expects drilling to start before mid-year on the Baragatan exploration prospect in the NW Palawan basin offshore the Philippines.

Offshore staff

LONDON – Dragon Oil expects drilling to start before mid-year on the Baragatan exploration prospect in the NW Palawan basin offshore the Philippines.

The company recently signed afarm-in agreement with Nido Petroleum Philippines for Service Contract 63 (SC 63), which gives Dragon an initial 40% interest.

There is an option to acquire later an additional 10% from The Philippine National Oil Co. - Exploration Corp. (PNOC-EC) on the same terms and conditions.

SC 63 covers an area of 10,560 sq km (4,077 sq mi) and is currently in sub-Phase 2b of the exploration program. In a previous phase the partners acquired 754 sq km (291 sq mi) of 3D seismic, leading to identification of the Baragatan prospect in around 50 m (164 ft) water depth.

Planned drilling depth is 3,390 m (11,122 ft). The primary reservoir objective is sandstones of the Miocene Pagasa formation.

02/19/2014

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