The Malolos-1 testing program in Service Contract (SC) 44 onshore Cebu, Philippines, has now been completed and a forward program prepared that is designed to move a proportion of the Contingent Resource of oil into Proved, Probable and Possible Reserve categories and provide data that will allow planning for oil field development.
The currently assessed Malolos Field Contingent Resource, for oil in place in the two lower oil productive sandstones (19.7 feet and 9.8 feet net thickness in the well), has been calculated to range between 4 and 42 million barrels with a “Most Likely” assessed to be 12 million barrels.
Analysis of oil recovered from the lower sandstone interval is 39 degree API, waxy crude, typical of other oils in the region and saleable quality. Straightforward logistic options are available from the Malolos oil field for the sale of oil with planning activities underway.
Forward Program: the immediate plan is to conduct a longer period production test of the two oil bearing sandstone intervals with the aim of moving some of the Contingent Resource of oil in the Reserve category and also gather technical data to help plan field development. This testing phase, to be run over several months will commence once equipment has been sourced and installed at the well site.
Longer period testing and forward planning will require sourcing of pumping equipment, onsite oil storage, short term marketing arrangements and transport to point of sale. Company owned rigs and other existing equipment will be used during this phase.
The results of this ongoing testing program will dictate further field appraisal and development activities that are likely to include drilling of new wells and seismic acquisition.
Logistics: The Malolos oil field is located approximately 5 miles (8 kilometers) by road from the western coast of Cebu. Oil transportation options from the Malolos oil field include road transport by a new, all weather, concrete road from the wellsite to coastal port options at nearby Aloguinsan (5 miles or 8 kilometers – less than 10 minutes) or the larger, established port of Toledo (19.9 miles or 32 kilometers – 30 minutes). One option would be to load the oil onto marine transport for sale either to one of two oil refineries located in Batangas, Philippines (approximately 311 miles or 500 kilometers north) or in Singapore (approximately 1,553 miles or 2,500 kilometers south-west). Local sale options on the island of Cebu are also being investigated.
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