Wessex completed the acquisition of Hague and London Oil BV (“HALO”) in October 2014, with the new entity being having been renamed as Hague and London Oil Plc. HALO now holds a 15% interest in Service Contract SC54A in the NW Palawan Basin, offshore Philippines. Its partners are NIDO Petroleum Ltd (operator, 42.4%, recently acquired by Bangchak Petroleum), Kairiki Energy (30.1%) and TG World (BV) Corp. (12.5%).
SC54A, a c.880 sq.km licence block, is located over the shallower area of sector SC54, where water depths are generally less than 120 metres. The Company sees the potential to exploit the proven oil potential of the Nido Limestone pinnacle reef play by using low cost development concepts. The entire block is covered by 3D seismic data and contains a number of exploration prospects and leads in both the Nido Limestone and overlying sandstones as well as three oil discoveries.
In September 2014, the operator announced that the current exploration period SC54A had been extended for three years from 5 August 2014 to allow the partners to evaluate the results of the discoveries made and determine future plans. On the expiration of this period, the partners can decide to move into the next exploration phase, which would require one well to be drilled in 2018.