Gas2Grid Limited reported Friday that the packer and completion assembly have been run into the hole and the packer set in place immediately above the upper oil bearing sandstone at Malolos-1 in the Malolos oil field in Service Contract 44 in Cebu in the Philippines. The swabbing unit is now being set up over the well and oil production testing will likely commence over the weekend.
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 Jan.29.
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