Tetragon Energy triples Halcon prospect resource to 8 TCF

• Tetragon Energy increased its Mid Case (2U) prospective resource estimate at the Halcon prospect from 2.6 TCF to 8.0 TCF of recoverable gas.
• Following the resource upgrade announcement, Tetragon Energy shares rose to $0.30.
• The company aims to leverage the increased resource scale to support future farm-out discussions and fund exploratory drilling.

Tetragon Energy (ASX:TET) upgraded its Mid Case (2U) gross prospective gas resource estimate at the Halcon prospect within its offshore Philippines SC-80 permit to 8.0 TCF.

The revision represents a significant increase from the previous estimate of 2.6 TCF of recoverable gas.

"The threefold 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," said Tetragon Energy Managing Director Conrad Todd.

Under the updated evaluation, the low-case resource estimate rose from 188 Bcf to 1.7 TCF, while the geological chance of success improved from 18% to 24%.

The company stated that seismic reprocessing of 4,600km2 of 3D data remains ongoing, with complete dataset results anticipated by mid-2027.

Following the announcement, the Tetragon Energy share price was up at $0.30.

Tetragon Energy holds a 37.5% operating interest in the SC-80 and SC-81 petroleum service contracts alongside joint venture partners.