Gas2Grid Limited reported that following the award of a Two Year Technical Moratorium by the Philippine Department of Energy, it has commenced the Malolos Oil Field technical program to establish the best completion technology to fully appraise and develop the oil field.

The Two Year Technical Moratorium provides security of tenure over Service Contract 44 located onshore Cebu in the Philippines until Jan. 28, 2017 and within that time the Company aims to demonstrate the field commerciality and apply for a 25 year production term.

In conjunction with the work program, the Company has already met with selected companies to consider farming in the Service Contract 44 by funding the oil field appraisal and development. Further meetings with additional companies are planned.

Tags: Gas2Grid Limited