(MENAFN- ProactiveInvestors - Australia) Â Gas2Grid has further reinforced its belief that the Malolos-1 well onshore Cebu, Philippines, is capable of commercial oil production after recovering 30 barrels of oil from the upper sandstone interval.
The company had successful perforated and swabbed the interval before flowing oil to surface. This continued until the swabbing equipment broke off and was left in the hole.
Gas2Grid will now perforate and test the first of four interpreted gas bearing intervals, located at depths between 1,658 metres and 1,868 metres.
This will occur once these zones have been isolated with a retrievable packer.
The company added the recovery of oil reinforced its view that enough information had been gathered to conclude that both of the lower sandstones are capable of oil production.
Earlier testing of the lower sandstone had resulted in oil flowing at small, unmeasured quantities to surface under natural pressure.
A decision on whether to start planning for commercial oil production and oil field development will be determined after testing of the other intervals has been completed.
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