The Australian consortium operating the Gindara prospect in northwest Palawan is hoping to start drilling for oil and gas within the first half of 2011.
Kairiki Energy Ltd., which holds a 40 percent stake in service contract 54 B, reported that "Long lead items for the drilling campaign are being acquired and a search for drill rigs has commenced."
Nido Petroleum Ltd. holds the remaining 60 percent stake in SC 54 B, estimated to contain around one billion barrels.
Kairiki also disclosed to the Australian Stock Exchange that the consortium "is in advanced discussions with a significant oil and gas company for SC 54 B."
"The discussions whilst advanced remain confidential and incomplete. Kairiki stresses that there is no guarantee that any final agreement will be reached despite these ongoing discussions," Mark Fenton, Kairiki managing director said.
It was earlier reported that the consortium is in talks with Shell Philippines Exploration B.V. and Chevron Malampaya LLC for a possible farm-in agreement for SC 54 B.
A government source earlier said Shell and Chevron are among the many companies who expressed interest to partner with Nido and Kairiki for the Gindara prospect.
Shell and Chevron operate the Malampaya gas project north of the Gindara prospect. The Malampaya field is estimated to contain recoverable resource of around 600 million barrels of oil.
The consortium has been looking for partners to partly finance the drilling of the Gindara prospect estimated at around $ 30 million.
Jon Pattillo, Nido head of exploration said the Gindara has matured into an outstanding prospect and is now the highest ranked drilling candidate in Nido’s Northwest Palawan exploration portfolio "in terms of its excellent risk profile and potential significance to the company." - PNA
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