Gas2Grid Gives Estimates on Contingent Oil Resource in Malolos Field

Gas2Grid provided an initial assessment of the oil volume potential within the Malolos field in Service Contract 44 onshore Cebu, Philippines after its recent announcement of a significant oil recovery from two sandstone intervals at the Malolos-1 well.

An estimate of contingent resource for oil in place in the two lower oil productive sandstones has indicated a range of between a low estimate (1C) of 4 million barrels and a high estimate (3C) of 42 million barrels, with a best estimate (2C) of 12 million barrels of total oil initially in place.

Malolos-1 was drilled on a surface anticline without the benefit of seismic data. The surface anticline covers an area up to 2.3 square miles. One other deep well was drilled on the anticline, Malolos-4 (Total Depth: 7,234 feet or 2,205 meters) which also intersected several sandstone intervals with excellent oil shows - these shows were not tested.

Malolos-4 is located approximately 984 feet west of Malolos-1. The other Malolos wells were all terminated at shallow depths due to drilling problems in the 1960’s.

“While we are lacking seismic data to control the subsurface trap configuration, two deep wells within the Malolos Field have intersected sandstones with oil shows. In Malolos-1 oil has been recovered from two separate sandstones. With available technical information regarding the net oil bearing reservoir thickness, the Company has made an initial estimate of the range of the “Contingent Resource” of “Total Oil Initially in Place” for future planning. The calculations indicate that there is a potentially significant oil resource to be further evaluated," Dennis Morton, Gas2Grid managing director said in a press release.

"In addition, there are numerous other surface anticlines within SC 44 with the two closest to Malolos being the much larger Barili and Aloguinsan anticlines which are additional attractive exploration targets.”

The continuing operations at Malolos-1 are to perforate and test the upper gas bearing sandstone intervals.


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