RESOURCE estimates for the Halcon exploration prospect under Service Contract (SC) 80 in the Sulu Sea have been raised, The Philodrill Corp. said on Thursday.
The company disclosed that it had "been informed by SC 80 operator Tetragon Energy Ltd., or Tetragon, via its disclosure to the Australian Stock Exchange (ASX) of the significant increase in the prospective resource estimate of the Halcon exploration prospect in the Philippines located within the area."
The eight trillion cubic feet (TCF) of recoverable gas under a realistic middle estimate category was revised from 2.6 trillion TCF.
New low and high estimate categories were also revised to 1.7 TCF 1 from 88 billion cubic feet and 22.6 TCF from 19.9 TCF, respectively.
The geological chance of success has improved to 24 percent from 18 percent, Philodrill said.
It said the increased estimates followed a more detailed evaluation of the available seismic data and the engagement of a sedimentological expert.
Philodrill holds a 12.5-percent participating interest in SC 80. The other members of the consortium are Tetragon, Sunda Energy Ltd. and PXP Energy.
Philodrill shares on Thursday jumped P0.0006, or 7.32 percent, to close at P0.0088 apiece.