SC 74 Linapacan Block

PXP Energy Corporation(Operator): 70%

Service Contract 74 is located in NW Palawan area with water depths less than 200 meters. SC 74 was awarded to the consortium comprising Pitkin Petroleum Limited (Pitkin) and Philodrill Corporation (Philodrill) in August 2013. In June 2015, Philodrill transferred 5% of its interest to PNOC Exploration Corporation (PNOC EC), which was approved by the DOE in October 2015.

In February 2016, Pitkin transferred its share and operatorship to PXP Energy (then Philex Petroleum Corporation). This was approved by DOE in April 2016.


Exploration

About half of the license block was not covered by seismic data, therefore this became the priority exploration plan. In May-June 2016, CGG, in cooperation with the DOE, acquired multi-client 2D broadband seismic, gravity, and magnetic data in NW Palawan. From this survey, PXP obtained a copy of 1,613 line-km of the dataset. Data processing was completed in December 2016. Interpretation of these data commenced in January 2017 and is estimated to take 3-4 months to complete.