FUGA ISLAND 1 WELL - AT 2327 FEET (709.3 metres)
The Philippines National Oil Company (PNOC), as operator of the Aparri Basin GSec 84 Joint Venture has advised that at 6.00am, 23 May 2000, (Philippines time) 14 days after spudding, the Fuga 1 exploration well has reached a depth of 2327 feet (709.3 metres).
After drilling out from the 133/8" (340mm) casing shoe at 1815 feet (553.2 metres), the well has drilled through a sequence of interbedded dark greenish gray siltstones, calcarenites and fine grained sandstones. Above background mudlog gas shows were recorded in fine to medium grained sandstone lenses at 1910 feet (582.2 metres) and 2127 feet (648.3 metres).
This sequence is interpreted to be of late Miocene age and overlies the early to mid Miocene Sicalao limestone, the first major target zone.
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 from the sum of the Labuagan, Sicalao and Ibulao reservoirs.
Enquiries:
AK Svalbe, Chief Executive Officer
Tel: 08 9227 7178
Fax: 08 9227 9079
Email: svalbe@pancon.com.au
