A meeting for the discussion of the progress of Central Luzon SC70 Project was convened in Manila, the Philippine, on 3-5 August 2010, by PPIG and Department of Energy, the Philippines (DOE), and the latter’s approval of the workover program for the Victoria-3 well, instead of drilling in a new location. The undersecretary of DOE, Mr. Ramon Allan V. Oca, the Director and Assistant Director of Energy Resource Development Bureau , respectively, Ms. Alice N. Reyes and Mr. Ismael U. Ocampo , the Director and Chief Operation Officer of PPIG, respectively, Mr. Lin and Mr.Stawicki attended the meeting.

Victoria-Guimba Structural Research

The discussion of “Victoria-Guimba structural research” was the spotlight of this meeting. Since an Integrated Study of Petroleum Geology of Central Luzon Basin was completed recently, additional technical work has been ongoing with recent emphasis on engineering and commercial issue.

High gas saturation based on shows, good quality sands based on mudlong, recently drilled in 2002 and casing should be in reasonably safe condition, and centrally located within the field and close to planned drill sites…Victoria 3 would be the best candidate for re-entry.”, Our expert team leader, Mr.Stawicki, reported in the meeting,

Victoria-Guimba located in west Luzon, 100 kilometers to the north of Manila, consisting 43% of the resource in the Central Luzon SC70 project. While in 2002, 1.0 MMCF of gas was extracted in the well Victoria 3, but exploitation was ceased because of immature conditions as well as low market price.

Victoria 3 workover program

PPIG aims to execute a workover program of Victoria 3 in Victoria-Guimba, via deepening the exploration well Victoria 3.

PPIG believes that both technical and commercial risk could be significantly reduced at a reasonable cost via incremental knowledge gained during an extended testing program in an existing wellbore “Mr.Stawicki, leader of the workover program, added.

A comprehensive workover plan was submitted to DOE during the meeting. Instead of drilling a new location, a workover program is opted to take in third quarter of 2010 after the approval from DOE granted.

Updated：2010-08-05