EXPLORATION FIRMS BHP Billiton Ltd. and Otto Energy Ltd. are looking at drilling a well in the second quarter of next year for its operations in offshore Palawan covered by service contract 55.
“Planning has commenced for the drilling of an offshore deepwater well at the Cinco prospect in [the second quarter of] 2012,” Otto Energy said in a statement yesterday, referring to a 9,000-square kilometer area in the Southwest Palawan Basin.
In May, BHP Billiton exercised its option to buy into the rights over the area and now controls 60% of the project.
In a related development, Toledo Mining Corp. Plc. yesterday said it has extracted 52,350 wet metric tons (WMT) of nickel from its Berong mine in Palawan for its second shipment to China.
The Berong mine, which was temporarily shut, resumed operations in May of this year after metal prices improved.
“High grade shipments to date now total 105,950 WMT,” Toledo Mining said in a separate statement.
In September, it completed its first shipment of 53,600 WMT with 1.8% nickel grade.
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By: Louella D. Desiderio
Source: Business World, October 28, 2011
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