News must be close now buys building off screen , another 100k...

News must be close now buys building off screen , another 100k and you be paying for it !

Your Insurance policy ,

Can some one let me know if I'm reading this right below 20 barrels of oil over how long ? 2 hours ?, with junk in it then it's a gusher !

MALOLOS-1 WORKOVER: The other Company owned Rig-1 (a Brewster N2 workover rig) is currently on the Malolos-1 location where its upgrade is nearing completion. Rig-1 is expected to commence the workover and testing program procedures at Malolos-1 by the end of this month. The plan is for Rig-1 to drill out the junk currently in the bottom of the hole at a depth of 7,190 feet (2,191.5 metres) and then conduct flow testing of the oil bearing reservoirs followed by selected flow testing of the shallower reservoirs interpreted as being gas bearing.
Gas2Grid (ASX: GGX) has recovered over 20 barrels of oil plus gas from its Malolos-1 well, onshore Cebu Island, Philippines.

The oil is believed to have come from the main target, which is a gross 28 metre oil bearing sandstone with its top at a depth of 2,173 metres and base at 2,199.5 metres.

Workover operations began at the end of October and following the drilling out of a cement plug between 993.7 and 996.7 metres and clean out to 1,036.3 metres, traces of oil and gas were observed at the surface with about 20 psi surface pressure.

The well was then cleaned out to 1,828.8 metres and a wiper trip conducted with slight resistance encountered between 1,070.5 and 1,072.3 metres.

Surface pressure increased to 480 psi and oil and gas flowed to surface for over one and a half hours.

Gas2Grid continued clean out to a depth of 2,191.5 metres where an obstruction was intersected in the hole which has been determined to be 2 7/8 inch tubing.

It is likely that this tubing is attached to a packer, both of which form part of the original (1960) cased hole testing equipment which became stuck at that time and were left in the hole.

So far Gas2Grid has been unsuccessful in trying to clear the obstruction.

The company now plans to wireline log the cased hole to evaluate known sandstone reservoirs in the interval from 1,000 to 2,191.5 metres.