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PETROENERGY Resources Corp. is set to conduct test
drills on an oil prospect in Mindoro province in the middle of the
year.
In a statement to the Philippine
Stock Exchange Inc. on Thursday, PetroEnergy said that the company,
together with its consortium partners, will start testing the Kamia
prospect in March or April this year.
PetroEnergy said that the
proposed well is to be drilled to a depth of 1,500 meters in around
160 meters of water. The prospect has a resource potential of around
158 million barrels of oil.
The proposed well to be drilled
on the Kamia site, formerly known as the Cherry prospect, is
projected to cost $22.5 million and will be shouldered entirely by
Malaysia-based oil and gas giant Petronas, one of the major partners
in the project.
Other consortium partners for the
project, which will be carried free up to the test drilling of the
well, include the Philippine National Oil Co.-Exploration Corp. with
a 19.4-percent stake; PetroEnergy, 0.4 percent; and Basic Petroleum,
0.2 percent.
--Euan Paulo C. Añonuevo
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