PPIG’s subsidiary CIMP has completed 50% of the site construction work for its SC49 hydrocarbon project in Cebu, the Philippines, while the procurement of all relevant materials and other preparations are also going smoothly. It’s expected that CIMP’s first exploration well will spud in mid-June, as scheduled.

CIMP finished a final walk-through of the area along with its drilling contractor and logistics subcontractor, which was followed by the kick-start of well site construction in mid-April. Up to now 50% of the work has been completed and construction for both well sites is expected to come to an end by May 31.

PPIG Vice President Vladimir Gerchikov, also the company’s country manager to the Philippines, expressed his satisfaction for the progress when returning from the Cebu’s site inspection: “On 17th of April we started constructing the sites for accommodating the drilling rig and necessary equipment. Temporary road access for equipment delivery has been prepared. CIMP personnel are working closely with a team from our contractor Well Logging in order to complete work according to the scheduled programme and budget.”

As the well site construction is keeping up speed, the drilling contractor is finalizing its preparation works in China. The rig and all other equipments are ready for customs clearance and shipping as soon as CIMP personnel currently in China complete the final inspection. The shipment is scheduled to arrive in the Cebu well site by mid-June, ready for spudding the first well shortly after.

Dated: 13 May 2014