Pangilinan-led PXP Energy Corp. is currently preparing for its drilling programs for two onshore wells under Service Contract (SC) 40 in Northern Cebu.
SC 40, also known as the North Cebu block, is located in the Visayas Basin. The Department of Energy (DOE) has dubbed the area as one with the most prospective next to the Northwest Palawan Basin.
In its annual stockholders’ meeting, PXP president Daniel Stephen Carlos said that one of the proposed wells, Dalingding 2, will test the Dalingding prospect with the Barili Limestone, a “proven gas reservoir in the Northern Cebu area as the primary target.”
For SC 74, PXP commenced its independent technical evaluation and resource estimation of the Linapacan A and B discoveries. Carlos said that the evaluation includes the possibility of joint development of Linapacan B Field and the West Linapacan A&B fields located adjacent to SC14C-2 or the West Linapacan Block.
The Pangilinan company currently has two pending SC applications with the DOE. One is an exploration block adjacent to the North Recto Bank or SC 72, which PXP looks to acquire 2D seismic data along with marine gravity and magnetic data.
PXP is hopeful that the suspension of the two SCs is only temporary and it will continue to coordinate with the DOE and the incoming administration for developments.
PXP is the current operator of SC 75 while Forum Ltd is the operator under SC 72.