(MENAFN- ProactiveInvestors - Australia) Gas2Grid (ASX: GGX) is preparing to perforate the first interval at its Malolos-1 oil well onshore Cebu, Philippines.
This interval is located at a depth of 7,300 feet, which is the lowermost of two oil bearing sandstones that will be perforated and tested.
The second interval is at a depth of 7,200 feet.
Gas2Grid will then perforate and test the shallower, interpreted gas bearing sandstone intervals.
Oil (39° API) was recovered on several drill system tests conducted over the gross interval 7,168-7,326 feet when the Malolos-1 well was originally drilled and tested in 1960.
Sustained production from these oil bearing sandstones was not established at that time.
Gas2Grid attempting to access these same oil reservoirs and establish commercial oil production.
The company had $1.2 million in cash as of 31 December 2012. Â
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