Gas2Grid provide Malolos-1 oil field update service contract 44 (100%), onshore Cebu, Philippines
Thursday, Aug 29, 2013
In June, 2013 the Company successfully perforated and flow tested two oil bearing sandstones at depths of 2,219 – 2,227.5 metres (7,280 – 7,308 feet) and 2,178 – 2,195.4 metres (7,152 – 7,207 feet). Oil was produced on short term test and the results have now been integrated with all other available technical data.
Our interpretation of these data is that the two oil bearing sandstones have only been tested within the eastern limb of the Malolos anticline where they are steeply dipping. Previously drilled wells Malolos-1 and Malolos-4 record oil bearing sandstones over a 496 metre (1,627 feet) vertical interval. On that basis we consider that further evaluation of the Malolos faulted anticline could result in a much larger Malolos oil field than currently assessed.
Initial assessment of the oil volume potential within the Malolos oil field is a "Contingent Resource" in the two oil productive sandstones in the range of between a "Low Estimate" (1C) of 4 million barrelsand a "High Estimate"
(3C) of 42 million barrels, with a "Best Estimate" (2C) of 12 million barrels of "Total Oil Initially in Place".
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