FUGA 1 EXPLORATION WELL - AT 4799 FEET (1462.7 metres)
The Philippines National Oil Company (PNOC), as operator of the Aparri Basin GSec 84 Joint Venture has advised that at 6.00am, 31 May 2000, (Philippines time) 23 days after spudding, the Fuga 1 exploration well has reached a depth of 4799 feet (1462.7 metres). The well is drilling ahead in a 12_" hole.
No significant reservoir rocks have been encountered and the well is significantly beyond the prognosed depth at which the primary objective was anticipated. Rock chip samples are still being evaluated and the prospect of intersecting the Middle Miocene primary objective has not yet been ruled out by the operator.
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:
PL Munachen, Director
Tel: 08 9227 7178
Fax: 08 9227 9079
Email: svalbe@pancon.com.au
