Shares in Sunda Energy PLC (AIM:SNDA, FRA:GHA0) rose 3% to 3.04p after it confirmed the Halcon exploration prospect offshore the Philippines has been assigned 8 trillion cubic feet of gross mid-case prospective gas resources.
This would give the AIM-listed explorer a 3 Tcf net share through its 37.5% interest.
Operator Tetragon Energy reported the updated estimate alongside a 24% geological chance of success, with Sunda describing the new resource assessment as a material increase.
Halcon’s prospective resource range runs from 1.7 Tcf in the low case to 22.6 Tcf in the high case, equivalent to between 638 Bcf and 8.475 Tcf net to Sunda.
The figures are prospective resources, meaning they relate to petroleum estimated to be potentially recoverable from undiscovered accumulations, rather than discovered reserves or resources.
Halcon lies within Service Contract 80, offshore the Bangsamoro Autonomous Region of Muslim Mindanao. Tetragon and Sunda each hold 37.5%, while PXP Energy Corporation and The Philodrill Corporation each own 12.5%.
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