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The Octon Block
Consortium adopted the work program submitted by our Technical Advisor Vitol GPC
Investments SA in late 2008 as the consortium’s work commitment which the SC 6A
partnership used as its commitment during negotiations with the DOE for the
15-year extension of the production term of SC6A. The work program consisted of
various activities which are basically planning strategies leading to full
development of the Octon Field in conjunction with the anticipated Phase 2 of
the Galoc Field Development. In a June 2009 letter, the DOE approved the
extension of the production term of the Octon Block, as well as the SC 6B Bonita
Block. The fifteen (15) year extension shall be for a series of three 5 year
terms, subject to compliance with certain conditions such as yearly submission
of work program and budget and payment of technical assistance and training fund
to the DOE. The term extension is reckoned from March 1, 2009.
Since the
commerciality of the Octon Field depends on it being tied up to the Galoc
development, the realization of which had already been delayed by the frequent
operations downtime in the Galoc Field, GPC proposed and was granted approval by
the consortium to re-process some 75 square-kilometer of 3D seismic data in the
Octon area in conjunction with the re-processing of Galoc 3D data as part of the
Galoc Phase 2 evaluation activities. Geophysical contractor CGGVeritas
completed the pre-stack time migration phase last August 2009, while the
pre-stack depth migration was completed towards the end of the year. Initial
results from the ongoing re-evaluation of the re-processed data indicate a much
improved image of the Octon reservoir. Vitol GPC is also rebuilding their
models in the light of the positive results of the Octon seismic reprocessing.
This program now forms the bulk of GPC’s revised work program for 2010, possibly
extending to 2011.
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