Kairiki Energy wants to sell up to half of its equity in service contract 54 (SC 54) offshore the Philippines.

The two recent Yakal and Tindalo discoveries and seismic results suggest potential oil in place of 87m bbl for 11 of the 12 leading shallow water prospects.

Analysis of all data relating to the Yakal and Tindalo finds is ongoing to evaluate the reserves. The plan is to find the optimum solution to produce first oil through an extended well test as early as 2010.

Kairiki and partner Nido Petroleum are looking to test the Yakal and Tindalo accumulations and progress to the development stage, while looking to tie in nearby prospects and discoveries.

Kairiki acquired a 40% interest in the 5418sq km SC 54 in April 2006, while Nido holds the remain¬ing 60% interest.

The company said it is now seeking a partner to farm-in up to 20% of its equity in the shallow water portion of the contract area.