SC49 Oil Project, owned by the subsidiary of Polyard Petroleum International Group (PPIG), spudded its 1st appraisal well, Polyard-2 Well, at 9:00 a.m. on 22 October, 2014. After a 47-day safe operation, PPIG and its contractor’s drilling crew conquered such technical difficulties as abnormally high pressure encountered in Maingit Sandstone oil and gas zones and successfully conducted drilling, mud logging, wireline logging and cementing under the original well design of a total depth of 1240 meters and completed the 3rd section drilling at 1252 meters.

Polyard-2 Well also underwent wireline logging activities on 2 December, 2014. Experts from PPIG and its contractor Well Logging Energy Technology Co. Ltd made comprehensive analysis and interpretation on the mud logging and wireline logging results, and confirmed that multiple hydrocarbon zones with commercial values were detected. All hydrocarbon zones combined reach a net pay thickness of 82 meters, which demonstrates that the block has great potential for oil and gas development.

Zhou Jintang, SC49 Project’s on-site Senior Exploration Geologist, pointed out that the wireline logging results confirm the multiple oil and gas shows in the mud logging, thus proving Polyard-2 Well’s good oil and gas reservoirs.

In regard to the positive wireline logging results, Vladimir Gerchikov, PPIG’s Vice President and Country Manager of the Philippines commented, “Results definitely are positive and hydrocarbon deposits indeed exist. Flow rate and reservoir parameters will be defined upon testing.”

The site is carrying out CBL testing and relevant repairing work after cementing, and waiting for the oil testing equipment and explosives to arrive.

Polyard-2 Well will undergo oil testing and other preparations for development on the detected hydrocarbon zones with commercial values in mid-December.