link below to a stratigraphic column in the SC52 Cagayan block, where the Nassiping-2 re-entry is about to take place. it indicates that the well has gas shows and is in the Cagayan formation with shales and sands. the shales are classed as a source rock. This may be the sames sorts of shales that are being chased by the shale-gas guys in australia/US....
also shown is a map with the Nassiping well on it - Nassiping-1 was a well with both oil and gas shows.
all they need is a few 100'000 scf/d and it'll probably be economic. even better with some liquids