SC49's Polyard-2 Well Encounters Good Gas Show
Polyard International Petroleum Group (PPIG)'s SC49 project in the Philippines has reported a good news that gas show has been encountered in the Polyard-2 Well. The gas show indicates that the oil and gas reservoir exists in SC 49 block, bearing a great potential for development.
Since Polyard-2 officially spudded on 22 October, 2014, the operation has been going smoothly. With a total depth of 1,240 meters, Polyard-2 Well entered into the 3rd drilling and has encountered good gas show in the interbeds of mudstone and sandstone.
After PPIG's on-site Senior Exploration Geologist Zhou Jintang and Geological Supervisor Wang Shuquan studied the MasterLog released by Shanghai Shenkai Petroleum & Chemical Equipment Corporation Ltd and the logging materials issued by Xi'an Well Logging Energy Technology Ltd, they reported the good news: by early morning of 9 November, three gas zones were found, and one of which is in between 617 meters and 635 meters. Gas spilled from the well head. The nature of the gas is considered as wet gas.
"Compared by formation, that horizon in Polyard-2 Well shares the same gas formation as the neighboring CLETON-29 Well at its gas zone from 629 meters to 643 meters, which had an estimated production of 5mmcfpd of gas. We're still in the drilling process, expecting to find more oil and gas shows. " said Zhou.
For the gas show in Polyard-2 Well at the current stage, Vladimir Gerchikov, Vice President and Country Manager of PPIG said, "We' re very confident in finding more oil and gas shows. We'll keep drilling and expect to encounter more."
Dated: 9 November, 2014
