On 6 October 2015 the second appraisal well, Polyard-1 Well, of Service Contract No. 49 (“SC49”) project in the Philippines completed cementing of the second section after completed drilling at the depth of 855 meters. Contractor is shipping the oil testing equipment in preparation for the oil testing operation on around 20 October 2015.

Polyard-1 Well successfully spudded in at 9:30 on 14 September 2015. The first section completed at 17:00 on 15 September 2015 at the depth of 154.18 meters. Later, the drilling reached 855 meters at 15:00 on 3 October 2015. Well logging was conducted on 4 October 2015.

Well logging results indicate that multiple oil and gas intervals were discovered in Polyard-1 Well. Key parameters of hydrocarbon reservoir were obtained which provide a foundation for further evaluation on mapping future engineering, geological and development plan. The discovery of Polyard-1 Well will speed up the progress for SC49 block to enter the oil and gas production and development.

According to the wireline logging results of 4 October 2015, it is interpreted that a total of six oil and gas intervals were discovered, totaling 22 meters of thickness, including 11.4 meters of oil zone, 9.2 meters of gas zone and 1.4 meters of oil and gas zone.
 

Dated：6 October 2015