FUGA ISLAND 1 WELL - STATUS REPORT
The Philippines National Oil Company (PNOC), as operator of the Aparri Basin GSec 84 Joint Venture, has advised that as at 6am this morning (Philippine time) they had completed installation of the choke manifold assembly and vacuum degasser.
The operator expects to complete pressure testing of the choke assembly and BOP today, then proceed with drilling of the 17 _" hole.
Fuga Island 1 will have a proposed total depth of 2,200 metres and is anticipated it will take a total of 34 days to reach that depth.
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$3.4 million (US$4.3 million 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.
Enquiries:
PL Munachen, Director
Tel: 08 9227 7178
Fax: 08 9227 9079
Email: svalbe@pancon.com.au
