Western Australia-based Tetragon Energy has awarded compatriot seismic processing company DUG Technology with a $1.45 million contract for reprocessing seismic data for its oil & gas permits offshore the Philippines.
Tetragon Energy has a 37.5% interest in and is the operator of offshore permits SC-80 and SC-81 in the Sulu Sea in the Philippines, with partners being Sunda Energy Limited, Philodrill and PXP Energy.
DUG Technology has been selected to reprocess four existing 3D seismic surveys covering more than 4,000 square kilometers and some additional 2D surveys over the permits.
DUG Managing Director Matt Lamont said: “DUG has a long-standing working relationship with members of the Tetragon Board and senior management. We are delighted to have the opportunity to work with Tetragon on this important project and look forward to supporting its successful delivery.”
The contract marks the initial step in the exploration program over the offshore permits, with the reprocessed data to be used to better define the prospectivity of the permits and will pave the way for discussions with potential farm-in partners.
The initial fast-track seismic products are expected to be delivered in six months, with the final processed dataset expected in 12 months.
“The award of this contract is a pivotal step in our strategy to create substantial value because the results will underpin discussions with potential farm-in partners. By outlining prospects and the existing discoveries in the permits, we will be able to demonstrate the immense upside in these permits to major oil and gas companies,” said Tetragon Managing Director Conrad Todd .