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Saba Energy Enters Into Farm-In for Offshore Assets in the Republic of the Philippines
(TheNewswire)   Calgary, Alberta – TheNewswire - January 27, 2026 – ...
About this update from Saba Energy Ltd.
[{"type":"text","content":"Saba Energy Enters Into Farm-In for Offshore Assets in the Republic of the Philippines\n(TheNewswire)\n\n\n\n \n\n\nCalgary, Alberta – TheNewswire - January 27, 2026 – Saba Energy Ltd. (“Saba” or the “Company”)\n(TSXV: SABA) is pleased to\nannounce that it has entered into a Heads of\nAgreement (the “HOA”) dated January 16, 2026, with Nido\nPetroleum Philippines Pty Ltd. (“Nido”) a\nnon-arm’s length party, with the purpose of Saba to Farm-in to two\noffshore Philippines Petroleum Service Contracts. Nido is owned 100%\nby Chaudhary Family Trust which is the controlling shareholder of Saba\nEnergy Ltd. The contract areas are known as: (1) Philippine Petroleum Service Contract No. 54 (SC54); and (2) Cadlao\nDevelopment and Production Petroleum Service Contract (“Cadlao DPPSC”).\n\n\n \n\n\nPetroleum Service Contract No. 54\nFarm-in Key Terms\n\n\n \n\n\n\n550 km² Service Contract Area  \n\n\n\nWater Depths 50 – 110 meters \n\n\n\nSaba will Farm-in for a 60% participating interest and\nwill pay its proportionate share of well and completion costs \n\n\n\nOther partners - Nido 27.5% and TGI World 12.5%\ninterest \n\n\n\nSaba will be the operator of SC54 \n\n\n\n3 discovery wells drilled - Nido 1-X1 discovery in 1979\nand tested at 1,500 barrels of oil per day (bopd”), Yakal-1\ndiscovery in 2009 and tested at 3,000 bopd Initial Production. Both\n1X1 and Yakal-1 require completion \n\n\n\nTindalo-1 discovery in 2009 and had initial production\nof 19,000 bopd.  The well produced 270,000 barrels of oil before it\nwas shut in due to water encroachment \n\n\n\n \n\n\nCadlao DPPSC Contract Farm-in Key\nTerms\n\n\n \n\n\n\n914 km² Service Contract Area  \n\n\n\nWater Depth 93 meters \n\n\n\nSaba will Farm-in for a 52.727% participating interest\nand will pay its proportionate share of well and completion\ncosts \n\n\n\nOther partners – Philippine National Oil Company 20%\nand 5 minority partners with 27.273% interest \n\n\n\nSaba will be the operator of Cadlao \n\n\n\nAmco discovery wells drilled in 1979 with production\nfrom 1982-1992.  Total oil recovery of 11.1 approximately Millions of\nBarrels Oil Equivalent (“MMBOE&...