The reserves certified by GCA for the Galoc oil field are shown below. Granby, through its wholly owned subsidiary Team Oil Ltd, has a 9.14% indirect interest in the development via its 15.69% shareholding in the operator of the Galoc oil field development, Galoc Production Company ('GPC') which holds a 58.34% direct interest in the development. The net figures attributed below are Granby's pro-rata share of the net figures for GPC's interest in the Galoc oil field ('net working interest') derived from the GCA report.
The Galoc field is situated in Block C of Service Contract 14 (SC14), in the North West Palawan Basin, offshore Philippines. The field is located around 70 km west of Culion Island in a water depth of approximately 320 meters. The reservoir depth is at 2,100-2,220 meters. The Galoc structure has a 57+ meter gross oil column consisting of early Miocene turbiditic sandstone with 16% average reservoir porosity.
The Galoc field was discovered with the drilling of the Galoc-1 exploration well spudded in April 1981, operated by Philipines Cities Service Company (PCSI). A conventional drillstem test (DST) was conducted over 3 intervals with a combined rate of 5,218 stb/d. The maximum test rate was 1,828 stb/d; producing 35 degree API crude with a GOR of 609 scf/stb from an 8 meter interval.
Oil & Gross Net attributable to Granby Operator Liquids Reserves Millions of barrels (mmbbls) Proven Proven & Proven & Proven Proven & Proven & Probable Probable & Probable Probable & Possible Possible Galoc 9.6 23.1 To be 0.83 1.8 To be Galoc Field completed completed Production Company Source: Gaffney, Cline & Associates
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