Otto Energy has mobilized Maersk Drilling’s ultra-deepwater drillship Maersk Venturer for the Hawkeye-1 exploration well, offshore Philippines. The two companies originally signed a letter of intent back in March 2015.
The Australian explorer says mobilization will begin on 31 July, with drilling operations set to start when the rig arrives on location. The Singapore-flagged Maersk Venturer is currently stacked in Malaysia. It is rated for a water depth of 3600m (12,000ft).
The Hawkeye prospect, in service contract 55, is offshore the Palawan Basin in the Philippines. Otto has planned Hawkeye as a vertical exploration well to test the clastic late Miocene Pagasa formation. Hawkeye is a thrusted, four way closure with direct amplitude support evidenced on high quality 3D seismic acquired in 2010. Otto says it plans to target the crest of the Hawkeye structure and evaluate results. The well will be plugged and abandoned upon completion of drilling.
The Hawkeye prospect was identified on 2D seismic, originally acquired by Otto in 2007, and further defined with the 600sq km 3D seismic acquisition in late 2009, the company said. Otto says Hawkeye contains a best estimate stock tank oil initially in place of 400 MMbbl of oil and best estimate net prospective resources of 74 MMbbl of oil.
Service contract 55 is a joint venture between Otto (78.18%), Red Emperor (15%) and Palawan55 Exploration and Production Co. (6.825%).
Image: Maersk Venturer/Maersk Drilling.
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