Tracer Makes Discovery with Forum-1X Well
Tracer Petroleum reports that the Forum-1X well has been drilled through the Late Miocene Maingit Formation to the present depth of 1,010 feet. The Forum-1X well is located in the Philippines. Oil and gas shows have been encountered at various intervals during the drilling activity that were subsequently validated by the results of the wireline logs. The well has been cased in preparation for further drilling as approved by the Philippine Department of Energy.
"The plan in the immediate future is to deepen the well for another 1,000-1,500 feet, which may be extended further depending on the hydrocarbon shows we encounter. The deepening program is expected to test the rest of the Maingit Formation and possibly the early Miocene Malubog Formation that is likewise a proven oil bearing structure. A series of Drill Stem Tests will commence once the deepening is completed," commented Larry Youell, President and CEO.