Tetragon Energy has raised the average prospective gas resource estimate for the Halcon prospect, located in the Philippines’ SC-80 offshore permit, to 8 trillion cubic feet (tcf).
The new estimate represents more than three times the previous estimate of 2.6 tcf and reinforces the company’s interest in this exploration area located north of Borneo.
Why did Halcon’s gas resources increase?
According to Tetragon Energy’s technical update, the 2U gross prospective resource, equivalent to the P50 scenario, went from 2.6 tcf to 8 tcf of recoverable gas.
In addition, the low 1U estimate increased from 188 billion cubic feet to 1.7 tcf. The high 3U scenario rose from 19.9 tcf to 22.6 tcf.
Likewise, the estimated geological probability of success for Halcon increased from 18% to 24%.
These values correspond to prospective resources. Therefore, they are still associated with undiscovered accumulations and require further exploration, evaluation and drilling before confirming the existence of commercially recoverable volumes.
3D Seismic Reinforces Prospect Potential
The review is based on a more detailed analysis of the seismic data available from the Philippine Department of Energy.
Tetragon also turned to a sedimentology specialist to compare Halcon with recent discoveries recorded in nearby basins in Indonesia and Malaysia.
Currently, the company continues to reprocess around 4,600 square kilometers of 3D seismic. The goal is to improve the definition of the Halcon prospect and review other targets within the SC-80 and SC-81 permits.
The first results of this reprocessing are expected in early 2027. The full dataset should be available by the middle of 2027.
Geng North serves as geological reference for Halcon
One of the main analogues used by Tetragon Energy is the Geng North discovery, made by Eni in Indonesia in 2023.
The company believes that discovery has important geological similarities to Halcon. Geng North was associated with approximately 5 tcf of gas initially on site and about 400 million barrels of condensate.
The technical figures included by Tetragon show that Halcon is found in deep water and in a position comparable to basin bottom fan systems identified in other areas of Borneo.
The seismic comparison presented on page 3 of the report also shows that the surface extent of Halcon would be greater than that of the analogue Geng North. However, Halcon remains an undrilled prospect.
SC-80 concentrates part of Tetragon’s offshore strategy
Tetragon Energy holds a 37.5% interest and acts as operator of the SC-80 and SC-81 permits. Its partners are Sunda Energy, Philodrill, and PXP Energy. The permits are located in the southern Sulu Sea within an area jointly licensed by the Government of the Philippines and the Bangsamoro Autonomous Region in Muslim Mindanao.
The company is also working on the Dabakan and Palendag discoveries. In the latter case, a 2C contingent resource of 470 bcf is reported.
Tetragon seeks partners to finance exploratory wells
The Halcon upgrade may also have implications for future farm-out negotiations.
Tetragon has indicated that it plans to contact international companies with the aim of incorporating partners to finance the drilling of exploratory wells.
A drilling campaign would make it possible to check whether seismic interpretations translate into commercial gas accumulations.
For now, the increase to 8 tcf places Halcon as one of the central targets of Tetragon Energy’s Philippine portfolio and raises attention on deepwater gas exploration north of Borneo.
Source: Tetragon Energy
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