Test drilling of Galoc-7 well showed “inconclusive” results in terms of potential commerciality of the Galoc Mid Area, an extension north of the existing Galoc oilfield in northwest Palawan, Nido Petroleum Ltd. said Tuesday.
Nido Petroleum said in a disclosure to the Australian Securities Exchange that drillship “Deepsea Metro I” reached total depth of 2,373 meters at the Galoc Mid Area.
“The Galoc-7 well results are inconclusive in terms of the potential commerciality of the Galoc Mid Area of Block C1 of service contract 14,” Michael Fischer said in a report.
The company said it would continue to evaluate the results of the Galoc-7 well over the coming weeks and incorporate the information along the results of the Galoc-7ST1 well once they were available.
“The Deepsea Metro is now in the process of plugging and abandoning the Galoc-7 well and preparing to drill out the Galoc-7ST-1 well at the next casing point,” it said.
Nido holds a combined 55.8 percent interest in Block C1 of SC 14 through wholly-owned Nido Production Co. Ltd. and Galoc Production Co. WLL.