China International Mining Petroleum Limited (CIMP), a subsidiary of Polyard Petroleum International Group Limited, is intensively preparing for the spudding of its first exploration well under SC49 hydrocarbon project in Cebu, the Philippines. The first batch of drilling equipment shipped out by CIMP’s contactor arrived in Cebu International Port on May 24, 2014 to be followed by other shipments in succession and will be transported to the site for assembly immediately after custom clearance.

In the meanwhile, site construction has been going successfully, and it is estimated that the construction of P1 and P2 well sites will be completed by June 10. The drilling crew will also be stationed at the well site as scheduled to make sure that pre-drilling preparations are carried out with rigor and precision.

PPIG Vice President Vladimir Gerchikov, also the project's Country Manager to the Philippines, holds great confidence in this project: “SC49 has much upside potential, and with the support of modern technology, we will do everything to achieve commercial flow rate”.

CIMP’s first well is located at Lumpan-1 fault block, East flank of Alegria anticline. The producing layer is Maingit sandstone which renders a favorable reservoir condition. In the past, a total of 24 wells were drilled, with 8 of them producing oil and 9 having oil and gas show.

It is expected that the first exploration well will spud in late June or early July.

新闻发布时间：2014年6月4日