Tetragon Energy has awarded a contract to Australian seismic processing company DUG Technology to reprocess extensive data across its offshore permits in the Philippines.
The contract, valued at $1.45 million, with $590,000 net to Tetragon, represents the initial step in the company's exploration programme over the SC-80 and SC-81 permits.
Under the agreement, DUG Technology will reprocess four existing 3D seismic surveys spanning more than 4,000 square kilometres, along with additional 2D surveys. According to Tetragon, these 3D surveys were acquired for free but would have cost more than $20 million when originally gathered between 2005 and 2013.
The joint venture partners, which include Sunda Energy, Philodrill, and PXP Energy, spent several months locating and copying the data tapes onto modern media.
The operator stated that this work is expected to significantly increase data quality and confidence in the prospects within the permits. Initial fast-track seismic products are expected to be delivered in six months, with the final processed dataset expected in 12 months.
Managing Director Conrad Todd noted that the final dataset will be used to better define the permits' prospectivity and pave the way for discussions with potential partners.
