DxJayRock's Notes.

$26.3-Trillion Oil Reserves General Says Country’s Untapped Deposits Mostly In Spratlys http://www.mb.com.ph/articles/358043/263trillion-oil-reserves#.UKMeeeTBNoE MANILA, Philippines- The Philippines is “sitting on a mountain of gold,” wi th untapped hydrocarbon deposits estimated at $26.3 trillion, mostly found in the disputed Spratly chain of islands, more than enough to free the country from the shackles of poverty. Brig. Gen. Eldon G. Nemenzo, deputy commander of the 3rd Air Division of the Philippine Air Force (PAF) based in Zamboanga City, made the discovery after researching on the amount of oil reserves of the country for his thesis when he took an advanced course at the Command and Staff College of the PAF in Villamor Air Base, Pasay City. Interviewed by this writer last Saturday, Nemenzo confirmed the vast oil reserves of the Philippines in various parts of the archipelago, specifically the Reed Bank, the largest of them all, and the Mischief Reef in the Sprat...

Indonesia: CBM Asia enters Indonesia Coalbed Methane Partnership with Continental Energy Corp.     CBM Asia  has entered into a Joint Study and Bid Group agreement with Continental Energy Corp to investigate coalbed methane exploration and development opportunities in Indonesia. Under the agreement, CBM Asia and Continental will jointly and exclusively study selected areas in Indonesia with the objective of identifying geologically favorable areas to be jointly pursued as targets of opportunity for direct acquisition of coalbed methane production sharing contracts offered by the Indonesian government. Acquisitions would be by public tender or direct proposal tender conducted under joint study arrangements. 'We are very excited having Continental Energy as a partner. Continental has extensive geological knowledge of certain areas of interest to us as well as on-the-ground operating experience,' comments Alan Charuk, President and CEO of CBM Asia...

Australia: MEO Australia renews WA-360-P and increases interest 08 Mar 2012 Key Points: Designated Authority grants 5 year renewal of WA-360-P MEO participating interest increases to 62.5% MEO Australia has advised that  Commonwealth – Western Australia Offshore Petroleum Joint Authority (the 'Designated Authority') has granted a five year renewal of Petroleum Exploration Permit WA-360-P commencing 6th March 2012. The renewal includes the mandatory relinquishment of seven of the original 15 graticular blocks which comprised the permit and retention of eight graticular blocks. The minimum work program commitment in the first permit year includes the purchase of the portion of the existing Foxhound multi-client 3D seismic survey acquired in the permit during 2009. The previously announced withdrawal of Petrobras International Braspetro and Rankin Trend  (a wholly owned subsidiary of Moby Oil & Gas ), takes effect coincident with this renewal, which marks ...

Philippines: Nido Petroleum completes SC 54A and SC 54B 2D seismic surveys, offshore Philippines Nido Petroleum , as Operator of  Service Contract 54A (SC 54A)  and Service Contract 54B (SC 54B) , has announced the successful completion of the combined  SC 54A Lawaan/Libas  and  SC 54B Pawikan  2D seismic surveys on 10 December 2011. Nido’s partners in  SC 54A  are  Yilgarn Petroleum Philippines (a wholly owned subsidiary of Kairiki Energy ), Trafigura Ventures III  and  TG World (BVI) Corp , and in SC 54B , Yilgarn Petroleum Philippines and  Shell Philippines Exploration . The two surveys were acquired over the period 29 November to 10 December 2011 using the MV 'Nordic Energy' operated by seismic contractor Nordic Maritime. Key highlights: SC 54A:  73 full-fold line kilometres of new 2D seismic was acquired over the greater  Lawaan  and   Libas Prospects . The objective of the survey was to determin...

Coastal Energy  has announced the successful results of the  Bua Ban North A-11  well. The Bua Ban North A-11 was drilled as a delineation well for the Lower Miocene (M100) reservoir and as an appraisal well for the deeper Miocene reservoir (M500). Both reservoirs were encountered at the prognosed depths and contained better quality sands than encountered in the nearby A-01 well. The M100 reservoir contained 47 feet of net pay with 29% porosity compared to 32 feet with 25% porosity in the A-01 well and the M500 reservoir contained 9 feet of net pay with 26% porosity compared to 5.5 feet with 25% porosity in the A-01 well. Randy Bartley, President and CEO of Coastal Energy, commented: 'The M100 Lower Miocene reservoir has yielded consistently better than expected reservoir quality sands in the southwestern part of the Bua Ban North field. This will be another excellent producing well for us. Following the results of the A-11 well, we will begin planning future wells ...

CBM Asia Development Corp  has announced that  Medco Energi  has signed a non-binding Memorandum of Understanding (MOU), to conduct the sale and purchase of coalbed methane gas produced during the dewatering stage at the  Sekayu Coalbed Methane (CBM) Production Sharing Contract (PSC) , South Sumatra, Indonesia. Mr. Alan Charuk, Chief Executive Officer and President, commented, 'This MOU will facilitate the early sale of coalbed gas from the Sekayu PSC, where CBM Asia earlier this month announced its NI 51-101 compliant Best Estimate of 1.062 trillion cubic feet of unrisked, recoverable gross prospective gas resources. We are currently assisting Medco’s engineering staff to design the pilot production program, expected to be initiated during 1Q-2012.' Under the terms of the MOU, the Sekayu CBM PSC has been approved by Indonesia’s upstream oil and gas regulator, BPMigas, to sell coalbed methane produced during the dewatering stage for local power generation. The parti...

17 Oct 2011 Central Petroleum  has issued a Letter of Intent (LOI) to Hunt Energy and Mineral Co. Australia, notifying the Company’s intent to engage Hunt to provide Hunt Rig 3 for the intended drilling of up to 3 wells, the  Surprise-1  re-entry ,  Madigan or  Simpson East  and  Mt Kitty  in a liquids focussed drilling programme on Central’s acreage position in central Australia. The drilling rig and associated equipment is planned to commence mobilising to the site by 24 October 2011 and be ready for the re-entry of Surprise-1 in the first week in November. The Company plans to complete the drilling and testing of Surprise-1 by about the first week of December. The Company has completed the renewal of access roads, the airstrip, the drilling  pad and sump and has most of the required casing and hardware on hand.  In accordance with the Northern Territory Department of Resources, (DOR) regulations, the well  has bee...

ExxonMobil  is inviting offers for the sale of its shares in the three affiliates that hold its interest in: the North Sumatra Offshore (NSO) Block PSC ; the  Arun and the South Lhoksukon Satellite fields ; and  associated LNG plant  in the Aceh region of North Sumatra. ExxonMobil Oil Indonesia holds 100% operating interest in the 'B' Block Production Sharing Contract (PSC) containing Arun and South Lhoksukon Satellite fields. Mobil Exploration Indonesia holds 100% operating interest in the NSO Block PSC that contains the NSO-A field. Mobil LNG Indonesia Inc. has a 30% equity interest in PT Arun Natural Gas Liquefaction (PT Arun), which operates the LNG manufacturing assets. This opportunity would provide a major presence in the region, with existing production of approximately 215 MMCFD net, and LNG sales contracts in place. There are also onshore and offshore opportunities for additional drilling to potentially extend the production life. The data room will o...

Japan's  INPEX Corp   won the  Babar Selaru  oil and gas block in  Indonesia's first bidding round  this year, in which eight other blocks were awarded to investors who committed to spend a total of $106 million in the first three years of exploration. Results of the second auction are expected to be unveiled next month for at least nine other blocks, following the completion of the first round, in which 11 blocks were offered and nine awarded, Evita Legowo, a director at the energy ministry said on Wednesday. The offshore  Babar Selaru  block in the Arafuru Sea near Papua province, was awarded to Japan's top oil and gas developer INPEX in a consortium with  Japan Oil, Gas and Metal National Corp . Italy's  Eni  in a consortium with France's  GFD SUEZ , Norway's  Statoil  and  Niko Resources  also won an offshore oil and gas block in  North Ganal , Makassar strait.  Statoil  secured anot...

Mongolia: Ivanhoe Energy drilling team mobilised on second planned test well in Mongolia. David Dyck, President and Chief Operating Officer of  Ivanhoe Energy , and Gerald Moench, President of Ivanhoe's wholly-owned subsidiary  Sunwing Energy , announced that Ivanhoe's drilling team has begun moving the drilling rig to the site of the second exploration well in east-central Mongolia. 'Our drilling program was designed to advance our knowledge of Mongolia's Nyalga Basin, a highly prospective area with numerous potential structures that could be tested by drilling,' Mr. Dyck said. 'These initial wells are testing two different structures with diverse seismic characteristics.' Mr. Dyck said testing has been completed at the first exploration well, N16-1E-1A , which was drilled to a depth of 2,003 metres. The first well has been plugged and abandoned and the rig disassembled for mobilization. 'While the testing of our first well did not encounter oil shows...

Philippines: Galoc Production Company progresses Phase II development at the Galoc oil field 05 Sep 2011 Otto Energy  has reported an announcement by the  Galoc Production Company (GPC)  regarding approval to commence the Front End Engineering and Design (FEED) work and the acquisition of new 3D seismic in support of the planned  Phase II development at the Galoc oil field . The FEED work will determine the exact locations and number of additional wells to be drilled, expected to commence in 2013. The new 3D seismic will support the placement of Phase II wells in the reservoir and de-risk capital expenditure. Otto currently owns an 18.78% holding in Galoc through GPC. Otto has entered into an agreement to increase its interest to a direct 33.00% in Galoc, including 100% ownership of GPC, and to assume control of the operator of the field. Completion of the agreement is scheduled to occur prior to 30 September 2011. Otto's Acting CEO Matthew Allen said: 'These t...

Philippines: Nido Petroleum to acquire additional seismic over Pawikan lead in SC 54B, offshore Philippines 21 Aug 2011 JV partner  Kairiki Energy  reports that, the recent discovery of a 187 metre hydrocarbon column in the  Gindara-1  well in  SC 54B , although not commercial, has highlighted the exploration prospectivity of the block when considered in combination with the potentially encouraging results from the reprocessing of seismic over the central and southern parts of the SC 54B permit. The  Pawikan lead  in the southern part of the block has been identified on existing regional seismic data and is estimated by the Operator to have the potential to contain 700+ mln bbls oil (in-place, unrisked). The Operator,  Nido Petroleum , has advised Kairiki that it is currently reviewing the opportunity to acquire further 2D seismic in the next few months over the Pawikan lead utilising a seismic vessel that may be in the area at that time. This ad...

Benham Plateau Benham Plateau (coordinates: 17°N 125°E  /  17°N 125°E  / 17; 125 Coordinates: 17°N 125°E  /  17°N 125°E  / 17; 125 ), also known as the Benham Rise , is a seismically active undersea region and extinct volcanic ridge east of the Philippines, in the Philippine Sea. Under the Philippine Sea lies a number of Basins including the West Philippine Basin (WPB) of which inside the Basin is located the Central Basin Fault (CBF). The Benham Plateau is located in the CBF and its basement probably represents a micro-continent. Several scientific surveys have been made on the feature to study its nature and its impact on tectonic subduction, including one about its effects on the 1990 Luzon earthquake, which devastated the northern city of Baguio. The area is currently claimed, as part of its continental shelf, by the Republic of the Philippines, which has lodged a claim with the United Nations Commission on the Limits of the Continental Shelf on April 8, 2009. Benh...