Polyard International Petroleum Group (PPIG)'s SC49 project in the Philippines reported a good news again on 10 November. After three gas zones were found, more oil and gas shows were encountered in Polyard-2 Well.

 

Based on interpretation to the mud logging materials on 9 November, a gas zone with light oil signs was found in the section between 709 meters and 741 meters. The nature of the signs is considered as condensate or light oil.

 

"This oil zone in Polyard-2 Well shares the same oil shows as the neighboring CLETOM-29 Well with its high pressured oil zone at 716 meters (not penetrated)." said Zhou Jintang, PPIG's on-site Senior Exploration Geologist.

 

For the current oil show in Polyard-2 Well, Vladimir Gerchikov, PPIG’s Vice President and Country Manager in the Philippines, said, "We are very excited to see the oil show. At the current stage, the drilling result is better than expected. In the market, light oil and condensate is a valuable commodity. We are expecting more shows and looking at a better development very soon."

 

 

Dated: 10 November, 2014