(MENAFN- ProactiveInvestors - Australia) Gas2Grid (ASX: GGX) has spudded the Gumamela-1 exploration well on Cebu Island, Philippines, that targets up to 15 million barrels of recoverable oil.
Gumamela-1 is the second of three exploration wells the company is currently drilling.
It is designed to test a Miocene aged Cebu Limestone pinnacle reef with secondary targets in the draped sandstone reservoirs of the Malubog and Toledo Formations
Drilling is expected to take about 25 days to reach a total depth of between 1,000 ,metres and 1,300 metres.
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