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MENAFN - ProactiveInvestors - Australia - 01/12/2012

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(MENAFN - ProactiveInvestors - Australia) Gas2Grid (ASX: GGX) will soon production test its Malolos-1 well onshore Cebu, Philippines, where both oil and gas bearing reservoirs were intersected.

The company's Rig 1 is currently removing tubing from the Nuevo Malolos-1, which is expected to take about a day, before moving to Malolos-1 to remove junk from the well bore.

Once this is completed, the oil bearing sandstone reservoirs located between 2,175 metre and 2,233 metres will be perforated and flow tested.

This will be followed by testing of four interpreted gas bearing sandstone, located at a depth of between 1,657 metres and 2,034 metres.

Testing is expected to take about six weeks to complete.

Gas2Grid also expects to spud the Gumamela-1 exploration well that targets 15 million barrels of recoverable oil.

Rig down and mobilisation activities for Rig-2 from Jacob-1 to Gumamela -1 are now commencing and are expected to take about seven days

The rig is expected to take 25 days to drill Gumamela-1 to its planned total depth of 1,000 metres.

Gumamela-1 is designed to test a Miocene age, Cebu Limestone, pinnacle reef with a secondary target in the overlying draped sandstone reservoirs of the Malubog and Toledo Formations.
Gas2Grid has a 100% interest in Service Contract 44.

 






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