FUGA ISLAND 1 WELL - AT 1730 FEET (527 metres)
The Philippines National Oil Company (PNOC), as operator of the Aparri Basin GSec 84 Joint Venture has advised that at 6.00am, 16 May 2000, (Philippines time) 8 days after spudding, the Fuga 1 exploration well was drilling ahead at a depth of 1730 feet (527.3 metres).
The operator has reported anomalous, hydrocarbon shows /"mud shows" at 1005, 1235, 1353, 1481, 1657 and 1673 feet while drilling within a thinly interbedded claystone, siltstone, tuff and sandstone section.
These intervals will be evaluated further when electric logs are run prior to running and cementing the 13 3/8" casing at approx. 1815 feet (553.2m).
Fuga 1 has a proposed total depth of 2200 metres and is anticipated to take 34 days after spud to reach that depth.
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).
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
