Tetragon Energy has hired Australian seismic processing company DUG Technology to reprocess seismic data over its offshore Philippines permits SC-80 and SC-81, in a $1.45 million contract that marks the first step in the company's plan to attract a farm-in partner.
Perth-based DUG will reprocess four existing 3D seismic surveys that cover more than 4,000 square kilometers over the two permits, along with additional 2D surveys. Tetragon operates SC-80 and SC-81 alongside partners Sunda Energy, Philodrill and PXP Energy.
The reprocessing contract
The joint venture will spend $1.45 million over the next year on the work, of which A$850,000 is Tetragon's net share. Reprocessing runs existing seismic data back through newer computing power and imaging software, sharpening the picture of what lies underground without the cost of shooting a new survey.
Tetragon expects to receive initial fast-track seismic products within six months, with the fully processed dataset following six months after that.
Where the surveys came from
The 3D surveys were originally acquired between 2005 and 2013 and would have cost more than $20 million to shoot at the time. Tetragon obtained the data at no cost. Over the past several months, the joint venture located the original data tapes, exported them to Perth and had them copied onto modern media ahead of reprocessing.
Tetragon Managing Director Conrad Todd said the results will "underpin discussions with potential farm-in partners." He said outlining the permits' prospects and existing discoveries will demonstrate their "immense upside in these permits to major oil and gas companies."
DUG Managing Director Matt Lamont said his company has a long-standing relationship with Tetragon's board and senior management and will "look forward to supporting its successful delivery."
