The Philodrill Corporation is pleased to announce the commencement of drilling activities at the Galoc Field in line with the Galoc Phase II Development Program. The semi-submersible rig “Ocean Patriot” arrived at the site on May 31, 2013 and commenced drilling with the spudding of the G-6 well, the first of 2 programmed development wells, on June 4, 2013.
The G-6 and G-5 wells are being batched drilled in 311 meters water depth to a total vertical depth of 2,190 meters each with approximately 2,000 of horizontal completion. Drilling of these wells (G-6 and G-5) is expected to take approximately 115 days including the flowing of the wells for clean-up. Once drilling is completed, field operator Galoc Production Company will immediately install subsea equipments and complete the hook-up of both wells to the FPSO Rubicon Intrepid. The Galoc Joint Venture expects to have the first oil from the Phase II wells by fourth quarter 2013. The Phase II drilling is not expected to hamper production from the two Phase I wells which continue to produce at a current rate of about 4,550 barrels of oil per day. The G-3 and G-4 wells, together with the two new wells, are expected to have a combined output of up to 12,000 barrels oil per day.
As operator of the other producing sub-blocks in offshore Palawan, Philodrill continues to produce profitably from the Nido, Matinloc and North Matinloc fields. Philodrill likewise continues its evaluation of the Nido 1X-1 structure for possible field development.
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. continues with their re-evaluation of the West Linapacan Field which last produced in 1996. In SC 53 - Onshore Mindoro, operator Pitkin Petroleum is now in the final stages of preparations for the drilling of an onshore exploratory well possibly early next year.
The Company is also pleased to report that the Department of Energy (DOE) had selected the joint bid of Philodrill and Pitkin Petroleum as the winning bid for Area 5 under the DOE’s 4th Philippine Energy Contracting Round. Formal awarding of a new contract by the DOE, however, has yet to take place. Area 5 covers the Linapacan A and B fields which were discovered in 1982 by Philippines Cities Service.