FUGA ISLAND 1 WELL DUE TO SPUD 7TH MAY
The Philippines National Oil Company (PNOC), as operator of the Aparri Basin GSec 84 Joint Venture, advises that preparations for the drilling of the Fuga Island 1 exploration well are on schedule with PNOC's Rig #6 fully rigged up and 95% of road and drillsite preparations are completed.
Fuga Island 1 will have a proposed total depth of 2200metres and is anticipated it will take 36 days to reach that depth.
Third party equipment from Singapore is in transit to the wellsite. The spud date for the Fuga Island exploration well is now scheduled for 7th May 2000.
Pancontinental Oil and Gas NL has a fully carried interest of 6.875% through the drilling, evaluation, completion and testing of this exploration well which has an estimated dry hole cost of US$ 3.0 million (US$4.0 tested).
Based on the operator's estimates, the potential recoverable reserves of the Fuga Island prospect are 5,240 billion cubic feet of gas or 1,357 million barrels of oil from the sum of the Labuagan, Sicalao and Ibulao reservoirs.
It is advised in accordance with Australian Stock Exchange Limited Listing Rule 5.11 that the report on the above project has been prepared by Mr Andrew Svalbe, AAPG, PESA, ASEG, FESWA who has had more than the required five years experience and is a competent person as defined in the Listing Rules of Australian Stock Exchange Limited and has consented in writing to the inclusion of this report as it appears here..
Enquiries:
LA Colless, Secretary
Tel: 08 9227 7178
Fax: 08 9227 9079
Email: svalbe@pancon.com.au
