FUGA 1 EXPLORATION WELL - AT 5485 FEET (1671.8 metres)
The Philippines National Oil Company (PNOC), as operator of the Aparri Basin GSec 84 Joint Venture has advised that at 6.00am, 6 June 2000, (Philippines time) 29 days after spudding, the Fuga 1 exploration well had reached a depth of 5485 feet (1671.8 metres) and is preparing to drill ahead after running electric logs, RFT's (repeat formation tests), sidewall cores and V.S.P's (velocity seismic profile).
No hydrocarbons were recovered by the RFT's. Paleontological information indicates that the age of strata at this depth are of Early Miocene age, the age of the deepest objective.
Pancontinental Oil & 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$3.4 million (US$4.3 million tested).
Enquiries:
PL Munachen, Director
Tel: 08 9227 7178
Fax: 08 9227 9079
Email: svalbe@pancon.com.au
