Production from the Galoc Field is steady, currently averaging 8,400 barrels of oil per day. For the first half of 2014, the field produced 1,578,900 barrels which is consistent with the full-year production forecast of 3 million barrels for 2014. As of 30 June 2014, the Galoc Field has produced 13,250,270 barrels since the start of its commercial run in October 2008. To-date, a total of thirty nine (39) shipments have been completed and sold to various buyers in the Southeast Asia region.
Philodrill continues to have modest production from three smaller producing fields. The Nido, Matinloc and North Matinloc Fields have already produced a combined volume of about 78,500 barrels for the first 6 months of the year, as against the 125,000 barrels forecast full-year production for 2014.
Other Petroleum Projects
In Service Contract 14A block, Philodrill concluded its in-house reevaluation of the Nido 1X-1 and Nido A-1 attic structures, both of which have potential commercial volumes of hydrocarbon resources as inferred from the recent independent petrophysical study and drillstem tests review undertaken by third party consultants. Philodrill has likewise completed the re-evaluation of the Bonita Block in SC 6B block where a large structure will be the main focus of the various studies planned under the contract’s second 5-year term extension.
The Company is looking forward to the programmed drilling activities in 2 other areas later this year. RMA WL, the operator of SC 14 C-2 block, continues to prepare for their drilling campaign in the West Linapacan area where they plan to drill 2 multi-lateral wells. In SC 53 – Onshore Mindoro, block operator Pitkin Petroleum continues to prepare for the drilling of Progreso-2 scheduled for late in the last quarter of 2014, possibly back-to-back with the drilling of Progreso-3 well.
Pitkin Petroleum, also the operator for the Octon and Linapacan blocks, progresses with the various programs and activities on those areas. In SC 6A-Octon block, Pitkin recently completed processing of the new 3D seismic data that they acquired over the block in 2013. This new dataset will complement their ongoing mapping and evaluation using the 1997 TQ3D seismic data. Over at the SC 74 - Linapacan block, the programmed work activities have commenced and are progressing according to schedule.