The Malolos-1 testing program in Service Contract (SC) 44 onshore Cebu, Philippines, has now been completed and a forward program prepared that is designed to move a proportion of the Contingent Resource of oil into Proved, Probable and Possible Reserve categories and provide data that will allow planning for oil field development.

The currently assessed Malolos Field Contingent Resource, for oil in place in the two lower oil productive sandstones (19.7 feet and 9.8 feet net thickness in the well), has been calculated to range between 4 and 42 million barrels with a “Most Likely” assessed to be 12 million barrels.

Analysis of oil recovered from the lower sandstone interval is 39 degree API, waxy crude, typical of other oils in the region and saleable quality. Straightforward logistic options are available from the Malolos oil field for the sale of oil with planning activities underway.

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