Tetragon Energy (ASX:TET) Triples Halcon Prospective Resource to 8 TCF in Philippines Permit

Sonal Goyal

03 September 2026 10:30 AM AEST

Tetragon Energy (ASX:TET) Triples Halcon Prospective Resource to 8 TCF in Philippines Permit

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Key Highlights

The Mid Case (2U) Prospective Resource at the Halcon prospect within the SC-80 permit has increased from 2.6 TCF to 8.0 TCF gross of recoverable gas.
The Low (1U) estimate has increased from 188 Bcf to 1.7 TCF gross, while the High (3U) estimate has increased from 19.9 TCF to 22.6 TCF gross.
The geological chance of success for the Halcon prospect has improved from 18% to 24% following a more detailed evaluation of available seismic data.
Seismic reprocessing of 4,600 sqkm of existing 3D seismic data is ongoing, with early reprocessing results expected in the new year and the full dataset available from mid-2027.

Resource Upgrade at the Halcon Prospect

Tetragon Energy Ltd (ASX:TET) has announced a significant increase in the prospective resources of the Halcon exploration prospect, located within its SC-80 permit offshore the Philippines. The Gross 2U (P50) Prospective Resource at Halcon has increased from 2.6 TCF of recoverable gas to 8.0 TCF, while the Gross 1U (P90) estimate has increased from 188 Bcf to 1.7 TCF and the Gross 3U estimate has increased from 19.9 TCF to 22.6 TCF.

Alongside the resource increase, the geological chance of success for the prospect has improved from 18% to 24%. The company has stated that these increases could have a material impact on any future farm-out arrangement and, by extension, the value created by Tetragon and its joint venture partners.

Basis for the Resource Increase

The upgrade follows a more detailed evaluation of seismic data obtained from the Philippines Department of Energy, together with the engagement of a sedimentological expert to draw comparisons with recent analogous discoveries made in nearby basins. Tetragon holds a 37.5% interest in, and is operator of, Permits SC-80 and SC-81 in the Philippines, alongside partners Sunda Energy, Philodrill and PXP Energy, in an area jointly licensed by the government of the Philippines and the Bangsamoro Autonomous Region in Muslim Mindanao.

The company has referenced recent discoveries made by ENI and Petronas in the Indonesian and Malaysian deepwaters of Borneo as geologically analogous to Tetragon's acreage in the Philippines deepwaters of Borneo. Specifically, Tetragon believes that the 5 TCF gas-initially-in-place and 400 million barrel condensate Geng North discovery made by ENI in 2023 is analogous to the Halcon prospect.

Seismic Reprocessing and Timeline

Seismic reprocessing of 4,600 sqkm of existing 3D seismic data is ongoing and will be used to further delineate the Halcon prospect, as well as the existing Dabakan and Palendag discoveries (2C 470 Bcf) and other prospects across the permit area. Early reprocessing results are expected in the new year, with the full dataset available from mid-2027.

Tetragon has indicated it will engage with international companies with a view to those companies funding the drilling of exploration wells that the company believes will prove up Volume and provide a material value multiplier for the acreage.

Management Commentary

Tetragon Managing Director Conrad Todd said the three-fold increase in the Mid Case prospective resource for a key prospect in the company's Philippines acreage highlights the scale and opportunity present in these permits. He said the company believes that, drawing on experience in this and adjacent analogous basins, Tetragon will work to unlock the potential of the Basin and demonstrate it to be on the scale of adjacent basins in Malaysian and Indonesian waters, where numerous gas and oil discoveries have been made. He noted that the company, having recently listed on the ASX, is looking to grow the prospectivity of its existing acreage and expand through new ventures.

Conclusion

Tetragon Energy has reported a substantial increase in the prospective resource estimates for its Halcon prospect within the SC-80 permit in the Philippines, with the Mid Case estimate rising from 2.6 TCF to 8.0 TCF gross and the geological chance of success improving from 18% to 24%, following a detailed review of seismic data and comparison with analogous regional discoveries, as the company continues seismic reprocessing work ahead of further evaluation of the permit area.

FAQs

Q: What is the Halcon prospect?

A: Halcon is a key exploration prospect within Tetragon Energy's SC-80 permit offshore the Philippines, north of Borneo.

Q: How much did the Mid Case Prospective Resource increase?

A: The Gross 2U Mid Case Prospective Resource increased from 2.6 TCF to 8.0 TCF gross of recoverable gas.

Q: What is Tetragon's ownership interest in the permit?

A: Tetragon holds a 37.5% interest in, and is operator of, Permits SC-80 and SC-81.

Q: What caused the resource estimate to increase?

A: The increase followed a more detailed evaluation of seismic data and comparisons with analogous discoveries made by ENI and Petronas in nearby basins.

Q: When will the full seismic reprocessing dataset be available?

A: The full reprocessed seismic dataset is expected to be available from mid-2027, with early results expected in the new year.

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