BioProspect
BioProspect (ASX: BPO) holds investments in Philippines oil and gas assets and also operates in the biotechnology industry focusing on natural plant extracts for use within the insecticide, termiticide and human health markets.
BioProspect re-enters Philippines well
Wednesday, February 08, 2012 by Bevis Yeo
BioProspect (ASX: BPO) has spudded the Nassiping-2 re-entry well at Service Contract 52 onshore Luzon Island, Philippines, that targets up to 350 billion cubic feet of gas.
The Aztec Rig 7 has drilled the well to a current depth of 363 metres and will drill ahead towards the planned total depth of 3016 metres.
Once the well hits total depth, the hole will be cleaned out for testing operations.
Nassiping-2 is a previously discovered but untested gas discovery with estimated contingent resources of 35 to 350 billion cubic feet of gas.
The target Nassiping Dome is located just 700 metres from the national power grid, giving the SC52 partners the opportunity to commercialise the project by developing a medium-scale gas-fired power plant.
BioProspect holds a 50% stake in Frontier Gasfields, which in turns own 30% of SC52. BioProspect retains an option to further increase its stake in Frontier to 75%.
Other partners are Frontier Oil with 50% and E.F. Durkee & Associate with 10% though Trans-Asia Oil and Energy Development Corporation has signed a farm-in deal with Frontier Oil to acquire a 10% stake in SC52.
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