The Philodrill Corporation is pleased to announce the successful completion of the major drilling activities of the Galoc Phase II project with the remaining operations being well completions and installation of subsea trees.
Field operator Galoc Production Company batch drilled the Galoc-5 and Galoc-6 wells to a combined total of 3,177 meters through horizontal reservoir sections within which about 1,647 meters of net oil pay has been encountered. From the data recorded during drilling, both wells have penetrated high reservoir permeability which may suggest good production deliverability will be achieved. The drilling rig “Ocean Patriot” will remain at the site until the second week of October 2013 for well clean-up, afterwards subsea installation/construction will be undertaken consistent with planned first oil from the Phase II wells by end-November 2013.
Philodrill continues to produce profitably from the Nido, Matinloc and North Matinloc fields. The company likewise continues with the Nido 1X-1 appraisal with the end view of developing and putting into commercial production the Nido 1X-1 discovery. A consulting firm tasked to do the studies recently submitted well designs and drilling program for a new development well on the Nido 1X-1 and another well that will optimize production from the nearby producing Nido A structure. They likewise completed assessment of the various offshore facilities that may be utilized if the Nido 1X-1 development pushes through.
Activities on the company’s other petroleum blocks are proceeding according to service contract schedules. In Service Contract 14 C-2, block operator RMA Pty. Ltd. recently released the latest reserves estimates for the West Linapacan A field certified by an independent firm. In the nearby Bonita Block, Philodrill is set to commence with its in-house evaluation of the East Cadlao prospect and the Bonita field. In SC 53 - Onshore Mindoro, operator Pitkin Petroleum prepares for a small onshore seismic survey to firm up their evaluation of this onshore basin. A well is programmed to be drilled in 2014.
The Company is also pleased to report that the Department of Energy DOE has finally awarded Service Contract 74 – Linapacan Block to the joint venture of Pitkin Petroleum and Philodrill.