With the drillship Maersk Venturer loaded out and now at the Hawkeye drilling location, offshore the Philippines, Otto Energy will spud the Hawkeye-1 well over the coming weekend.
Red Emperor Resources, a Joint Venture partner in the prospect with 15% interest, said Thursday that drilling will start once the rig has been accurately secured over the required drilling location.
To remind, Otto Energy, the operator of the Hawkeye prospect, secured the ultra-deep water drillship for the Hawkeye-1 exploration well in May. By the beginning of July, Otto issued Maersk Drilling with formal notice in respect of the mobilisation of the Maersk Venturer drillship to the Hawkeye-1 exploration well location.
According to Red Emperor, the drilling program is expected to last 23 days.
The exploration well has been designed to reach the top of target reservoir approximately 1,000m below the sea bed floor and intersect the gas oil contact to prove or otherwise the presence of the oil leg, Red Emperor has said in a press release.
The Maersk Venturer was commissioned in 2014 and was built at the Samsung Heavy Industries yard in Korea. It is capable of operating in up to 3,600 metres of water, it has dual drilling derricks, high capacity mud pumps and bed space for 230 personnel. The Maersk Venturer has recently completed work for Total Malaysia.
SC55 is located in the southwest Palawan Basin and covers an area of 9,880km2. It is a deep-water block in the middle of a proven regional oil and gas fairway that extends from the productive offshore Borneo region in the southwest to the offshore Philippine production assets northwest of Palawan. The Hawkeye prospect was identified on 2D seismic in 2007 and further defined with a 600km2 3D seismic acquisition in late 2009.
Hawkeye contains a ‘Best Estimate’ STOIIP of ~480 MMbbls of oil and a ‘Best Estimate’ Gross Prospective Resource of 112 MMbbls (RMP net 14.3 MMbbls).