PSE Circular for Brokers No. 157-99
PSE Circular for Brokers No. 157-99 • Philippine Stock Exchange • Circulars for Brokers • Jan 28, 1999
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January 28, 1999 PSE CIRCULAR FOR BROKERS NO. 157-99 PRESS RELEASE Shell Philippines Exploration B.V. (SPEX) drilled the Destacado-2 well to a total depth of 12,358 feet. The exploratory well is located in the Service Contract (SC) 3B area some 20 kilometers south of previously discovered Malampaya field. The well was completed within budget and all field operations were conducted efficiently without untoward incident. As expected, a section of the Nido Limestone was encountered and evaluated in the main objective interval. The results of the well and its overall relationship to the Destacado-AIX well, where gas flowed previously, are still being studied and assessed further. The drilling rig "Atwood Falcon", is presently preparing to leave the drill site and is expected to move off location on Saturday 30th January 1999.
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