The Ragay Gulf lies within the marginally explored southeast Luzon sedimentary basin which has been ranked by the Philippine DOE as second to the producing northwest Palawan area in terms of hydrocarbon prospectivity.


The SC-43 acreage covers a total of 10,880 square kilometers of onshore and offshore regions in the Ragay Gulf. PNOC EC owns 15% stake in the concession while partners Premier Oil Philippines BV and Pearl Oil Ltd. (Operator) hold 21% and 64% participating interest, respectively.


To date, numerous offshore petroleum prospects involving pinnacle reefs, inversion structures, tilted fault blocks and carbonate buildups on basement highs, to name a few have been mapped in the region. These prospects are in ideal water depths of from 50 to 200 meters and generally lie just 20 kilometers from the mainland of Luzon, where the bulk of the Philippines’ energy demand is located.In November 2007, new 2D seismic data totaling 320 full-fold line kilometers were acquired to delineate the older Panaon Limestone play. The first well is expected to be drilled in the first half of 2008 to test the Monte Cristo prospect of the younger Canguinsa reef play.