Gas2Grid Limited reported Monday that Rig-2 has commenced Malolos-1 operations in the Malolos oil field in Cebu in the Philippines and as of 8 am this morning the two cement plugs had been successfully cleaned out of the hole. Forward operations now involve running the packer and completion assembly into the hole and setting in place so that the two oil bearing sandstone intervals can be tested. A swabbing unit will then be set up over the well and the oil production testing will commence.
The extended oil production testing program aims to gather sufficient technical information to confirm commerciality of the Malolos Oil Field to justify the Department of Energy awarding a 25 year production period and leading to full field appraisal and development. Proving commercial production at Malolos Oil Field will have a very significant impact on the value of the Company and will benefit the Philippine economy.
On Jan. 29, the Company reported a “Contingent Resource” of oil in the two productive sandstones for the Malolos Oil Field between a “Low Estimate” (1C) of 6.8 million barrels and a “High Estimate” (3C) of 68.1 million barrels, with a “Best Estimate” (2C) of 20.4 million barrels of “Total Oil Initially in Place”. This Contingent Resource is in addition to the Unrisked Prospective Resources released to the ASX on Jan. 29.
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