Gas2Grid announces Malolos-1 oil discovery
Gas2Grid successfully perforated and flow tested two oil bearing sandstones in Malolos-1 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 at indicative production rates of between 100 to 200 barrels of oil per day (bopd). Oil from the lower sandstone also flowed to just below surface. These results have now been integrated with all other available technical data and we consider Malolos-1 is an oil discovery.
Dennis Morton (Managing Director) comments:
‘The application for declaration of an oil discovery is the first step in appraising and developing the Malolos oil field. When approved by the DOE it will provide an additional minimum period of 12 months to flow test the well and establish commercial production. Following the completion of that work and with the DOE’s approval of commercial status, the Malolos oil field will enter a 25 year production phase.’
The Malolos anticline has at least 500 metres of indicative vertical closure, it covers a large area and therefore it holds potential for a very large oil accumulation. The Malolos oil field can be cost effectively assessed, as it is located onshore and very close to facilities. It is now a high priority to appraise the Malolos oil field and actively explore the surrounding surface anticlines, which are also very attractive exploration targets. We also have the knowledge that oil fields discoveries have previously been made within sandstone reservoirs trapped in similar types of anticlines, immediately to the north and south of SC 44.’