Loyz Energy Expands Portfolio with New Acreage Offshore Philippines

Loyz Energy Limited (Loyz Energy or the Group), the Singapore-based upstream energy group has expanded its concession portfolio with a newly awarded petroleum service contract for Area 14, located off the shores of the Philippines.

Area 14, a 9,839 km2 block is one of 15 blocks, offered by the country’s Department of Energy for the Fourth Philippine Energy Contracting Round in early 2012. Loyz Energy will be working with the Department of Energy to finalise and execute the petroleum service contract for this area in East Palawan Basin, which is reported to be one of the most prolific producing basins in the Philippines.

Adrian Lee, the Executive Director of Loyz Energy, said: “The Group is extremely excited to have won the bid for Area 14 – it represents a major coup in our strategy to add prime concessions to our Asian portfolio.

“Before presenting the bid, the Group conducted preliminary seepage studies on the block and they yielded promising results. Now that it has secured the award, Loyz will map out a work programme to fast-track the potential development in the area, which includes the processing of available seismic data. Apart from adding new concessions to its portfolio, the Group has also been focusing on bringing its existing assets to production.”

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Press Release, February 19, 2013