en.Wedoany.com Reported - Australian-listed company Tetragon Energy has awarded a seismic data reprocessing contract to DUG Technology, covering the exploration phase of offshore oil and gas projects in the Philippines.

The contract covers an area of over 4,000 square kilometers across Service Contracts (SC) 80 and 81, and includes the reprocessing of four existing 3D seismic surveys, along with selected 2D seismic data. The contract is valued at $1.45 million, with Tetragon's net expenditure estimated at approximately $590,000.

The seismic data processing work is being carried out by DUG Technology, based in Perth, utilizing its advanced imaging technology and global supercomputing network. Initial fast-track seismic products are expected within six months, with the final dataset scheduled for delivery within 12 months.

Tetragon stated that the reprocessed seismic data will help more accurately assess the exploration prospects of these offshore license blocks and support negotiations with potential partners. The company is the operator of offshore license blocks SC-80 and SC-81, holding a 37.5% interest, with joint venture partners including Sunda Energy, Philodrill, and PXP Energy. Additionally, Tetragon holds and operates a 100% interest in the onshore SC-82 license block in the Philippines.

According to the company, the four 3D seismic surveys were originally acquired between 2005 and 2013, at a cost exceeding $20 million. The joint venture spent months locating the original data tapes, transporting them to Perth, and transferring them to modern storage media before initiating the reprocessing project.

Conrad Todd, Managing Director of Tetragon Energy, stated that the award of this contract is a key step in the company's strategy to create significant value, and its results will support discussions with potential partners. By delineating prospects and existing discoveries within the license blocks, the company can demonstrate the potential of these blocks to major oil companies.

Matt Lamont, Managing Director of DUG Technology, said that DUG has a long-standing relationship with members of Tetragon's board and senior management team, and the company is pleased to have the opportunity to collaborate on such a significant project, looking forward to supporting its successful delivery.