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09 June 2000
FUGA 1 EXPLORATION WELL PLUGGED AND ABANDONED
At 5892 feet (1796 metres)
The Philippines National Oil Company (PNOC), as operator of the Aparri Basin GSec 84 Joint Venture has advised that at 6.00am, 8 June 2000, (Philippines time) 31 days after spudding, the Fuga 1 exploration well had reached a depth of 5892 feet (1796 metres). Plug and abandon operations have commenced as the deepest Early Miocene target zone has been penetrated with no hydrocarbon shows.
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:
LA Colless, Secretary
Tel: 08 9227 7178
Fax: 08 9227 9079
Email: svalbe@pancon.com.au
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